Michael Saylor is not sweating the rise of Ethereum treasury companies
Strategy executive chairman and Bitcoin maximalist Michael Saylor showed no signs of worry about the growing treasury interest in Ether and other cryptocurrencies.
“I think there is an explosion of innovation across the entire crypto economy, and on the margin it is good for everybody in the digital asset space,” Saylor said during a Bloomberg interview on Friday.
Saylor says he is “laser-like focused” on Bitcoin
“I still think the vast majority of capital flowing in the space is flowing into Bitcoin,” he added. Bitcoin (BTC) Dominance, which measures Bitcoin’s share of the overall crypto market, stands at 60.18% at the time of publication, according to TradingView data.
Saylor also noted that in the past six months, the number of companies holding Bitcoin has risen from approximately 60 to 160. “So I’m laser-like focused on Bitcoin,” Saylor said.
Strategy is the largest public Bitcoin treasury, with 628,791 Bitcoin worth approximately $74.15 billion, according to BitcoinTreasuries.NET data. The second-largest, MARA Holdings, holds about 50,639 BTC — more than 12 times less.
Saylor predicts that Bitcoin will outperform the S&P 500 over the “indefinite future.”
“I think Bitcoin is digital capital,” he added.
Ether interest bump has been highly anticipated
His comments came less than a month after Bitcoin reached a new all-time high of $123,100 on July 14, before pulling back to $118,035 at the time of publication, according to Nansen.
Meanwhile, Ether (ETH) is trading at $4,224 at the time of publication, up 23% over the past 30 days. The surge followed predictions from several analysts who foresaw a significant rebound after its drop below $2,000 in March.
Many crypto market participants attribute the price spike to rising institutional and ETF demand for Ether. On Friday, Cointelegraph reported that the market for public companies that hold Ether ballooned to $11.77 billion, led by BitMine Immersion Technologies and SharpLink Gaming.
Related: Saylor’s Strategy has doubled its Bitcoin stash since Trump’s election
BitMine holds 833,100 ETH worth $3.2 billion — the fourth-largest holdings among public companies that hold any cryptocurrency.
SharpLink and The Ether Machine hold $2 billion and $1.34 billion worth of ETH, respectively, while the Ethereum Foundation and PulseChain round out the top five.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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