Crypto Markets See Institutional Accumulation, New Platforms, and Biotech Integration
Crypto Markets See Institutional Accumulation, New Platforms, and Biotech Integration
Recent developments across the crypto landscape highlight growing institutional interest and platform innovation. Biotech firms are increasingly establishing crypto treasuries, with Propanc seeking significant funding for this purpose. A major player, BitMine, has substantially increased its Ethereum (ETH) holdings, now controlling 2.9% of the total supply and aiming for 5%. Concurrently, Coinbase has launched a new platform for public token sales, with Monad as its initial offering. Discussions also continue to evolve around the future of decentralized finance (DeFi) and the expanding role of institutional capital within the digital asset ecosystem.
Institutional Crypto & Market Developments
Biotech firm Propanc is reportedly securing $100 million to fund its crypto treasury and cancer therapy research. This move follows a trend among at least 10 other drug developers, including ETHZilla, Sonnet BioTherapeutics, and Sharps Technology, who have also announced similar crypto pivots, signaling a growing interest from the biotechnology sector in digital assets.
In a significant market development, BitMine's share of the Ethereum supply has reached 2.9%, with the firm's ETH holdings now exceeding 3.5 million units. The Tom Lee-backed digital asset treasury is more than halfway to its ambitious goal of acquiring 5% of Ethereum's total supply, indicating a strong conviction in the asset and substantial institutional accumulation.
On the platform front, Coinbase has launched a new public token sales platform, accessible in the US. Monad is set to be the inaugural issuer on this platform, with its public token sale scheduled from November 17–22, ahead of the Monad mainnet launch on November 24. This initiative expands access to early-stage token projects.
Further discussions on the future of decentralized finance (DeFi) and onchain money markets are ongoing. Co-founders of Theo Network and Felix Protocol recently discussed the evolution of DeFi and the growing role of institutional capital in the broader crypto space, pointing towards increased sophistication and adoption within these nascent financial systems.