In addition to this Ethereum treasury strategy, BitMine plans to strengthen it with a new $250 million private placement. This decision puts BitMine in line with other companies, such as SharpLink Gaming, taking Ethereum-based strategy to the next level. The company’s co-founder and CEO, Jonathan Bates, says that growth of the treasury is going to be 100% Ethereum.

BitMine’s news seems to be a the first step in a larger private placement with the Purchase and Sale of Common Stock with a minimum value of $250 million. The company plans to explore these funds’ full potential through an Ethereum treasury strategy. Thomas Lee, the founder and chief investment officer of Fundstrat Capital, chairs BitMine’s current board of directors.

In May, SharpLink Gaming completed a successful $425 million private investment in public equity offering. They used these funds to further their own Ethereum treasury strategy. These strategic financial moves are part of a larger trend, at least among big companies, to tap into Ethereum’s potential.

Ethereum’s network activity has been rebounding positively, especially after the network’s Shanghai upgrade that was aimed to make the network more attractive to developers. The rapid growth of stablecoins on the Ethereum network is another positive sign of its growing usefulness. As it stands now, 63% of the USD Coin (USDC) supply is sitting on Ethereum.

"Growth of the treasury is going to be all ethereum." - Jonathan Bates

Thomas Lee sees potential for stablecoins to be the biggest growth engine for Ethereum blockchain network. In fact, Treasury Secretary Scott Bessent has estimated the market cap of all stablecoins could balloon to $2 trillion.

"I think that gives you some perspective of how you have to look at Circle and what it implies for the underlying blockchain." - Thomas Lee

Ethereum’s price has been stable, almost unchanged on the day around $2,480. This figure is about half of what it was at its peak of $4,878 in November 2021. The current project rollout and adaptive infrastructure adoption is a positive sign that there’s immense capacity for future growth.

"you don’t want to buy the stock that’s already gone up. You want to buy the stock that hasn’t gone up yet. That same mentality applies here." - Bates

Thomas Lee is a Circle’s recent IPO provides a great framework for assessing Ethereum’s potential. This financial technology firm’s debut provides us with fresh tools to scrutinize the cryptocurrency’s future. Circle is the issuer of USDC, which is mostly operated on the Ethereum blockchain. Joseph Lubin, Ethereum co-founder, is now the CEO of software company Consensys. He has for years touted the network’s capabilities.

"It’s exciting to me… the staking mechanism of it helps pay for itself. You also stack more ethereum through your own actions and just owning it." - Bates

Ethereum's recent network upgrade, PeckShield, is expected to significantly improve the network, further enhancing its appeal to developers and users alike. This upgrade will improve TCI’s scalability, robustness, and security.

"Fees generated are going to go up commensurate with the growth of stables, so ultimately that will be reflected in the price." - Bates