Biotech Firm’s Bitcoin Gamble Sends Shares Spiraling—While Ethereum Treasuries Keep Burning Red-Hot
Wall Street just got another brutal reminder that 'diversification' doesn't mean 'throwing shareholder cash at crypto memes.'
Biotech Bleeds Out on BTC Bet
Shares cratered 30% pre-market after management announced plans to allocate 15% of cash reserves to Bitcoin—because nothing says 'groundbreaking medical research' like volatile digital gambling tokens.
ETH Treasury Trend Defies Logic
Meanwhile, corporate treasuries keep stacking Ethereum like it's 2021. Seven Fortune 500 companies added ETH to balance sheets last quarter alone—proving the 'institutional adoption' narrative still has legs (or that CFOs enjoy watching burn rates in real-time).
The Bottom Line
Biotech's pivot proves desperation breeds terrible ideas. But hey—at least their IR team now gets to say 'blockchain' on earnings calls.
Ethereum treasury boom
Ethereum treasury companies now hold nearly 3% of the total circulating ETH supply, per data from Strategic ETH Reserve. And that figure is poised to grow significantly: In the past week, BitMine Immersion, which now holds more than $5 billion in ETH, announced that it is selling another $20 billion worth of its common stock to buy even more tokens for its corporate treasury.
And as companies have invested more into ETH, their stock prices have also swelled.
Ethereum treasury firms ETHZilla aka 180 Life Sciences (ATNF), BitMine Immersion (BMNR) and SharpLink Gaming (SBET) have seen their shares rise 211%, 48%, and 8% over the last five trading days, respectively.
By comparison, leading Bitcoin treasury firm Strategy has seen its stock price stay nearly flat over the last week, down nearly 14% over the last month.
The recent flood of funds into Ethereum and their corporate holders “points to swings in investor interest,” Nelson told Decrypt.
“They want a piece of the best-performing large-cap crypto asset of recent months,” he said.
