As of June 19, institutional strategic reserves peaked at 1.190 million ETH. This pivot marks a deepening corporate strategy shift away from crypto. Crypto.news was the first to report these holdings. Together they account for more than 1% of the total Ethereum supply and are worth almost $3 billion today. As you can see, companies are in the midst of creating their own corporate Ethereum reserve. As more organizations compete for ETH, the institutional adoption of Ethereum is increasing at record speed.

The growth of Ethereum held by corporations is a strong indication that confidence is increasing in the long-term value and utility of the cryptocurrency. Now, companies are just starting to understand exactly what Ethereum is capable of. Today, they understand it to be an essential centerpiece of decentralized applications, smart contracts and a whole range of blockchain-based solutions. Together, this strategic accumulation is indicative of a larger trend of institutions diversifying their crypto portfolios past just Bitcoin.

One of those companies is strongly trying to make a complete switch to Ethereum staking while abandoning Bitcoin mining. Its founders’ goal is to create a sustainable ETH treasury that will fund the company’s operations. The public offering closes on June 27. This strategic acquisition represents an important step in our strategy transition and is subject to usual closing conditions. Through the public offering, Hometown Planning will initially have $150 million in capital.

That $150 million capital raise is only going to help the company exponentially grow those Ethereum holdings and Ethereum infrastructure. This move underscores the increasing importance of Ethereum in the corporate world, as companies explore new avenues for leveraging its technology. The move from Bitcoin mining to Ethereum staking is a major strategic move in that direction. It further emphasizes the rapid development of the cryptocurrency industry.