ARK Invest-backed Quantum Solutions has become the largest Ether digital asset treasury outside the United States after accumulating $9 million worth of ETH in one week.
Quantum Solutions founder Francis Zhou announced the company’s latest purchase of Ether (ETH) on Thursday.
“I am proud to announce that we have accumulated 2,365 ETH in just seven days, officially making Quantum Solutions the largest ETH DAT outside of the US.” saying Zhou, adding that more Ether buying was coming.
The company saying has become the leading publicly traded Ether DAT in Japan and the 11th largest globally. quoting CoinGecko figures.
Quantum Solutions also has a small Bitcoin (BTC) treasury, with 11.6 BTC worth $1.3 million.
Last week, Zhou saying that the company was acquiring ETH at a rate of 150 million yen ($983,000) per day, “and will continue to accelerate the accumulation.”
The company currently holds 3,866 ETH worth around $14.8 million. according to your website.
ARK Invest backs ETH treasuries
The Tokyo Stock Exchange-listed company raised $180 million in late September to build a 100,000 ETH treasury and was backed by venture firms such as ARK Invest and Susquehanna International Group (SIG).
Japan remains open to publicly traded DATs, but other stock exchanges in the region, including Hong Kong, India and Australia, have begun clamping down on them.
“Three months after the DAT revolution, we are happy to support Japan’s first institutional-grade ETH DAT.” saying ARK Invest founder and CEO Cathie Wood on Thursday.
ARK Invest also invested this year in BitMine, chaired by Tom Lee, which is the largest Ether DAT in the world. In September it added the company’s shares to its three financial technology and innovation funds for the first time.
Related: BitMine’s Lee Says Ether ‘Price Dislocation’ Is a Signal to Buy
DAT boost cools
However, the hype over digital asset treasuries appears to be fading as share prices of some of the world’s biggest cryptocurrency hoarders have fallen in recent weeks.
Last week, Tom Lee questioned whether the DAT bubble had burst, while researchers at 10x Research said: “The era of financial magic is ending for Bitcoin treasury companies.”
However, Lee has been aggressively buying the dip following the cryptocurrency market’s record crash earlier this month.
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