S of BitMine Immersion, SharpLink and Bit Digital were all higher on renewed interest in ether amid a surge of interest in tokenization of traditional assets, which includes stablecoins.
The price of ether itself gained 5% as part of a broader rally in stocks.
Ethereum, which turns 10 years old at the end of July, has struggled for the past year with investor uncertainty the network's value position and weaker revenue. In this articleHOODSBETBMNRETH.
CM=BTBTCRCL your favorite stocksCREATE FREE ACCOUNTA representation of cryptocurrency Ethereum is placed on a PC motherboard in this illustration taken on June 16, 2023.
Dado Ruvic | Reutetocks tied to the price of ether, better known as ETH, were higher on Wednesday, reflecting renewed enthusiasm for the crypto asset amid a surge of interest in stablecoins and tokenization.
BitMine Immersion nologies, a bitcoin miner that announced plans this week to make ETH its primary treasury reserve asset, jumped 20%. It's gained more than 1,000% since the announcement.
Betting platform SharpLink Gaming, which has also initiated an ETH treasury strategy, added more than 11%.
Bit Digital, which last week exited bitcoin mining to focus on its ETH treasury and staking plans, jumped more than 6%.
"We're finally at the point where real use cases are emerging, and stablecoins have been the first version of that at scale but they're going to open the door to a much bigger story around tokenizing other assets and using digital assets in new ways," Devin Ryan, head of financial nology re at Citizens.
On Tuesday, as bitcoin ETFs snapped a 15-day streak of inflows, ether ETFs saw $40 million in inflows led by BlackRock's is Ethereum Trust.
ETH ETFs came back to life in June after much concern that they were becoming zombie funds.
The price of the coin itself was last higher by 5%, according to Coin Metrics, though it's still down 24% this year.
Ethereum has been struggling with an identity crisis fueled by uncertainty the network's value position, weaker revenue since its last big nical upgrade and increasing competition from Solana.
Market volatility, driven by geopolitical uncertainty this year, has not helped.
The Ethereum network's smart contracts capability makes it a minent platform for the tokenization of traditional assets, which includes U. Dollar-pegged stablecoins.
Fundstrat's Tom Lee this week called Ethereum "the backbone and architecture" of stablecoins. Both Tether (USDT) and Circle's USD Coin (USDC) are issued on the network.
Watch now4:3704:37Fundstrat's Tom Lee on being named chairman of BitMine Immersion nologiesSquawk BoxBlackRock's tokenized money market fund (known as BUIDL, which stands for USD Institutional Digital Liquidity Fund) also launched on Ethereum last year before expanding to other blockchain networks.
Tokenization is the cess of issuing digital representations on a blockchain network of publicly traded securities, real world assets or any other form of value.
Holders of tokenized assets don't have outright ownership of the assets themselves.
The wave of interest in ETH-related assets s an announcement by Robinhood this week that it will enable trading of tokenized U.
Stocks and ETFs across Europe, after a groundswell of interest in stablecoins throughout June ing Circle's IPO and the Senate passage of its posed stablecoin bill, the GENIUS Act.
Ether, which turns 10 years old at the end of July, is sitting 75% off its all-time high.
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