Ethereum News: Nasdaq-Listed BioNexus Adopts Ethereum-Focused Treasury Strategy

In a groundbreaking move, Nasdaq-listed BioNexus Gene Lab Corporation has become the first public company to prioritize Ethereum as a strategic asset for its corporate treasury. Here’s a closer look at this significant development and its potential implications for Ethereum’s future.

Nasdaq-Listed BioNexus Becomes First Public Firm to Approve Ethereum Treasury

BioNexus Gene Lab Corporation has formally approved an Ethereum-focused treasury strategy, becoming the first Nasdaq-listed company to exclusively prioritize Ethereum as a strategic asset. The Wyoming-incorporated tech firm released its Ethereum Strategy Whitepaper, detailing its rationale behind choosing Ethereum over Bitcoin for corporate treasury management. The firm stated that while Bitcoin remains a strong store of value, Ethereum provides broader utility as a programmable financial platform. It was not immediately clear if the company has already purchased or holds Ethereum.

Ethereum Struggles Below $2.2K Amid Weak Activity

Ethereum (ETH) briefly surged 14.2% to $2,223 on March 4 but has struggled to maintain levels above $2,200 since then. Over the past two weeks, ETH has underperformed the broader cryptocurrency market by approximately 11%, reflecting growing uncertainty among investors. Key factors behind Ethereum’s struggles include a decline in on-chain activity, a falling Total Value Locked (TVL), and an increase in the net positive ETH issuance rate.

Ethereum Regains $2300 Despite Weakening DeFi Metrics

Ethereum price surged 6% in the past 24 hours, reclaiming the $2,300 level despite weakening decentralized finance metrics. According to data from Defi Llama, Ethereum’s total value locked fell to $50 billion in February from a peak of $71 billion in January. Decentralized exchange volumes have also declined, falling from $92 billion in December to $82 billion in February. However, Ethereum network fees have decreased, indicating a decline in demand. The upcoming Pectra upgrade, expected to enhance network functionality and fee efficiency, might be a short-term catalyst.

Ethereum (ETH) Fills CME Gap and Poised For Surge Towards $3,000

Ethereum has swept its 2024 low, signaling a potential bullish reversal. The CME futures gap between $2,430 and $2,270 has been filled, adding to the bullish outlook. A key resistance at $2,400 could determine Ethereum’s next major move. Breaking above $2,400 may pave the way for a rally toward $3,000. Titan Of Crypto, a well-known market observer, highlighted that Ethereum has touched a crucial point of interest, sparking Optimism among traders and hinting at a possible shift in momentum.