Ether Rallies as BitMine and Others Boost Holdings Amid Stablecoin Surge
Shares of major ether-holding companies surged as Ethereum’s native token climbed to its highest level since January. BitMine Immersion Technologies, backed by billionaire Peter Thiel and led by Fundstrat’s Tom Lee as board chairman, saw its stock rise 14% after disclosing it had amassed 300,657 ether in just three weeks. The firm now aims to acquire 5% of the total ether supply, currently standing at 120.71 million ETH.
Other ether-focused firms also saw gains, with Bit Digital up 4% and BTCS jumping 12.5%. SharpLink, which has funded its ether holdings through stock sales over the past seven weeks, increased its ongoing $1 billion offering by an additional $5 billion. Its shares climbed 5.6%.
Ether itself rose to $3,675.81 before settling at $3,601.40, up 5% on the day—significantly outperforming bitcoin, which slipped 0.7% to $118,961 after briefly touching a record $123,153 earlier this week.
Analysts say Ethereum’s bullish momentum is closely tied to rising stablecoin adoption. Most stablecoins, pegged to the U.S. dollar, are issued and transacted on the Ethereum blockchain, increasing the demand for ether to cover transaction fees.
“The standout proposition of institutional Ethereum accumulation seems to be stablecoin growth, further accelerated by the recent success of the Circle IPO,” said Matthew Dibb, CIO of Singapore-based Astronaut Capital. “Ethereum is by far the biggest beneficiary of stablecoin usage.”
In a regulatory breakthrough, the U.S. House of Representatives passed a bill on Thursday to establish a legal framework for stablecoins, seen as a pivotal development for the crypto industry.
Meanwhile, BlackRock’s iShares Bitcoin Trust ETF has gained 10% so far this month, while the newly launched Ether ETF has soared nearly 36% in the same period.
Circle Internet, a major stablecoin issuer, saw its shares rise 2.7%, while crypto exchange Coinbase Global gained 2%.
About Ethereum:
Ethereum is a decentralized blockchain platform introduced in 2015 by Vitalik Buterin. It supports smart contracts and decentralized applications (dApps), making it central to innovations like DeFi and NFTs. Ether (ETH), the platform’s native token, is used to pay for transactions and computational services on the network.
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