Skycorp Solar Group Limited (PN), a Chinese manufacturer of solar cables and connectors, saw its shares climb 8.39%, following the company’s announcement that it plans to buy Ethereum (ETH) as part of its long-term digital asset treasury management strategy.
The announcement comes amid growing institutional interest in Ethereum. Public companies worldwide are ramping up their efforts to integrate the ‘digital oil’ into their financial frameworks.
Public Companies Accelerate Push to Buy Ethereum
In the latest press release, the firm highlighted that it will use partial cash reserves and renewable energy project returns to finance its ETH purchases. Skycorp Solar also revealed that it will accept Bitcoin (BTC), Ethereum, and stablecoins such as USDC (USDC) and Tether (USDT) as payment methods for international transactions starting August 1.
The company stated that licensed RWS providers specializing in blockchain forensics will handle all digital currency payments. Moreover, the transactions will adhere to the regulatory guidelines set by the Monetary Authority of Singapore (MAS) and the Financial Action Task Force (FATF).
“The recent GENIUS Act establishes regulatory foundation for stablecoins and provides the trust and stability needed to seamlessly adopt digital payments. We believe investments in clean energy infrastructure and ETH staking align with long-term growth opportunities,” Chairman and CEO Weiqi Huang stated.
Following the announcement, the firm’s stock prices rose to $3.10, marking an appreciation of 8.39%. However, Google Finance data showed that PN wiped out nearly all these gains in pre-market trading as it dropped 6.13%.
Skycorp Solar Group Stock Performance. Source: Google Finance
As new players continue to enter the market, pioneers are also doubling down on their ETH strategy. SharpLink Gaming highlighted that as of July 20, its holdings have reached 360,807 ETH valued at over $2 billion.
Nonetheless, others aren’t falling behind. BeInCrypto reported yesterday that Cathie Wood’s Ark Invest purchased over 4 million shares of BitMine Immersion Technologies (BMNR). The firm noted that it plans to use funds from the latest stock sale to buy more Ethereum.
“We are delighted that Cathie Wood’s ARK Invest is taking a substantial stake in BitMine as she sees the exponential opportunity ahead as we target reaching 5% of ETH,” Tom Lee remarked.
While these two public companies remain the largest corporate ETH holders, a new firm could threaten their position. The Ether Machine, a newly formed firm, announced plans to go public with over 400,000 ETH on its balance sheet.
This move would make it the largest publicly traded vehicle providing institutional-grade exposure to Ethereum. Backed by $1.5 billion in committed capital, the firm aims to generate returns by leveraging Ethereum’s staking, restaking, and decentralized finance strategies.
“We have assembled a team of ‘Ethereum Avengers’ to actively manage and unlock yields to levels we believe will be market-leading for investors,” The Ether Machine’s co-founder, Andrew Keys, said.
Meanwhile, according to the latest data from the Strategic ETH Reserve, firms collectively hold 1.87 million ETH worth nearly $7 billion in their treasuries.
Entities’ Total Ethereum Holdings. Source: Strategic ETH Reserve
BeInCrypto highlighted in May that experts anticipated the reserve to cross 10 million ETH by 2026. With the rapid pace at which companies are adopting and buying Ethereum, this prediction doesn’t seem far-fetched.
