The Ethereum treasury trade seems to be retracting as monthly acquisitions have steadily decreased since the peak in August, while major players continue to acquire billions of the Ether supply.
Investments from Ethereum digital asset treasuries (DATs) experienced a drop of 81% over the last three months, falling from 1.97 million Ether (ETH) in August to 370,000 ETH in November, as reported by Bitwise, an asset management firm.
“ETH DAT bear continues,” noted Max Shennon, senior research associate at Bitwise, in a post on X here.
Despite the decline, some financially robust companies continue to accumulate the world’s second-largest cryptocurrency or are raising funds for future purchases.
Related: Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% continue to acquire ETH
BitMine aims for 5% of ETH supply
BitMine Immersion Technologies, recognized as the largest corporate Ether holder, has accumulated approximately 679,000 Ether valued at $2.13 billion over the previous month, achieving 62% of its goal to obtain 5% of the ETH supply, as per data from the Strategicethreserve.
BitMine also holds an extra $882 million in cash according to the data aggregator, indicating potential further Ether acquisitions.
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Earlier in November, Republic Technologies (formerly Beyond Medical Technologies) secured $100 million through a convertible note offering aimed at future Ether acquisitions.
This financing round featured atypical terms for DATs, offering a 0% interest rate, no ongoing payments for investors, and no collateral requirements if Ether’s price decreases.
With no interest payments expected, Republic is relieved from needing cash to service its debt and unable to default on interest payments, a common challenge for various digital asset companies.
In the meantime, crypto treasury stocks showed a recovery on Tuesday, led by Ether-focused DATs, including Nasdaq-listed EthZilla (ETHZ), which rose by 12.35% in a single day, while BitMine’s shares surged by 10.26%, according to Google Finance.
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