Hong Kong investment firm has made one of the largest corporate bets on Ethereum, buying $120 million worth of the cryptocurrency as more traditional companies wade into digital assets.
Metalpha Technology Holding Limited, which trades on the Nasdaq under the symbol MATH, purchased 48.45 million Ethereum tokens, according to crypto analyst Ted Pillows, who announced the deal Tuesday on social media platform X.
The timing is notable. Ethereum, the world’s second-largest cryptocurrency, has been trading around $2,788 — down from highs earlier this year but up nearly 8% in the past day alone.
For Metalpha, which specializes in digital asset wealth management, the purchase signals confidence in Ethereum’s long-term prospects despite the cryptocurrency market’s notorious ups and downs.
“This is a significant vote of confidence,” said crypto market observer on X, noting that institutional investors often make their biggest moves when prices have cooled.
The company has reason to be bullish. Metalpha reported a 388% jump in revenue for the six months ending in September, compared to the same period last year. It also recently announced a $5 million program to buy back its own shares.
Following Corporate Crypto Playbook
Metalpha joins a growing club of publicly traded companies loading up on cryptocurrencies. Business intelligence firm Strategy (previously known as MicroStrategy) leads the pack with 582,000 BTC Bitcoin worth billions of dollars. Investment giant Grayscale has built massive crypto portfolios for institutional clients.
The strategy often works like this: Companies buy digital assets during market lulls, betting that institutional adoption will drive prices higher over time.
Ethereum offers something Bitcoin doesn’t — a platform for “smart contracts” that can automatically execute agreements without intermediaries. That versatility has attracted major corporations including Fidelity and Google to explore business applications.
High Stakes, High Rewards
Some crypto enthusiasts are already predicting Metalpha’s bet could help push Ethereum toward $10,000 per token. One research firm, Coinpedia, has even forecast a potential price of $15,575 by 2030.
Metalpha hasn’t said exactly what it plans to do with its Ethereum hoard, though the company’s background suggests it may integrate the tokens into its wealth management services.
For now, crypto traders are watching to see if other corporations follow Metalpha’s lead — a trend that could reshape how institutional money flows into digital assets.
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