Ethereum Surges 10% to Break $4,700, Edges Closer to All-Time High

Ether, the native asset of Ethereum, outpaced the broader crypto market on Wednesday, climbing as much as 9.6% to touch $4,700.

The rally leaves the world’s second-largest digital asset just about 4% shy of its record high set in Nov. 2021.

The surge comes as demand from institutional investors and corporate treasuries accelerates. Ethereum-focused treasuries, listed entities that buy and hold the cryptocurrency as part of their core strategy, now collectively hold $16.4b worth of Ether, data from strategicethreserve.xyz shows.

Mohit Kumar, head of markets research at Delta Exchange, said ETH’s rally is being driven by rising optimism toward crypto assets and improving regulatory clarity.

He pointed to a key trigger, BitMine Immersion Technologies’ move to file for an additional $20b in at-the-market equity offerings, lifting its total issuance capacity to $24.5b, including a previous $4.5b authorization.

The firm plans to channel most of the proceeds into buying Ethereum, greatly expanding its crypto reserves.

BitMine, the largest holder, now controls 1.2m ETH valued at $5.27b, representing nearly 1% of the total Ether supply. Its ETH position jumped more than 600% over the last 30 days.

SharpLink Gaming follows with 598,800 ETH, worth $2.74b, up 177% in the same period. The Ether Machine ranks third, holding 345,400 ETH valued at $1.58b, with an 8% increase in the past month.

$ETH is outperforming $BTC by 4.4%.

Are we entering altseason? pic.twitter.com/XZjaRWy7Qf

The Ethereum Foundation, the non-profit steward of the network, holds 232,600 ETH worth about $1.07b, although its position has dipped slightly. Other significant holders include PulseChain Sac, Coinbase and Bit Digital.

Interest from these treasury-focused entities has been building for months. In July, corporate Ethereum balances posted their largest monthly gain on record, according to Binance Research. Holdings rose about 127% to more than 2.7m ETH, worth roughly $11.6b at the time.

SΞR: 14 ETH Treasuries now hold a combined $2.5M ETH ($11.25 billions), about 2.08% of the total ETH supply. pic.twitter.com/vnAl2lmukl

Such aggressive accumulation adds to the bullish momentum that has pushed Ether to its highest levels in nearly three years.

Analysts point to the growing appeal of Ethereum’s ecosystem, from its role in decentralized finance to tokenization initiatives, as a driver of demand from both traditional finance players and crypto-native firms.

The strong showing for Ether comes as Bitcoin remains steady. The largest cryptocurrency traded around $119,331 on Wednesday, unchanged on the day but up nearly 5% over the past week.

The overall crypto market was firmer, with total capitalization rising 1.8% to $4.1 trillion. Market watchers say continued inflows from institutions and on-chain activity are likely to determine whether Ether can close the gap to its all-time high in the coming days.

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