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Ethereum's treasury companies have received support from Vitalik Buterin, who warns against excessive leverage that could lead to the "collapse" of the token.
The co-founder of Ethereum said on the Bankless podcast that public companies buying and holding Ether provide valuable services by exposing the token to a broader set of investors.
Buterin warned that excessive borrowing positions could lead to successive liquidations if Ethereum prices drop, which could harm the credibility of the token.
The market for public companies that own Ether reached $11.77 billion, led by BitMine Immersion Technologies, which owns 833,100 Ethereum worth $3.2 billion.
SharpLink Gaming and The Ether Machine complete the top three positions with $2 billion and $1.34 billion in Ethereum holdings, respectively.
The value of Ethereum has risen by more than 163% from its April lows of $1,470 to its current levels of around $3,870, with the adoption by the treasury serving as a notable catalyst.