Maxim Group Downgrades Intchains Group to $7.5 PT, Keeps Buy Rating

Maxim Group analyst Matthew Galinko has lowered the price target on Intchains Group Limited (NASDAQ:ICG) from $8 to $7.5, while maintaining a Buy rating. The analyst noted that the company's growth potential remains strong despite near-term challenges, driven by robust sales of its new Aleo mining machines. Galinko also highlighted the company's strategic moves, including the launch of the Goldshell Byte mining machine, positioning it to capitalize on emerging opportunities in digital asset mining.

Ethereum (ETH) has seen a significant increase in its treasuries held by public companies, with notable strategic moves and expansions in holdings. According to CryptoSlate [1], the number of entities holding Ethereum jumped from 40 in June to 58 as of July 22, with 10 public-listed companies holding approximately $3.2 billion worth of ETH, equivalent to 865,265 ETH.

GameSquare Holdings purchased 8,351.89 ETH in July 2021, investing $30 million and increasing its holdings to 10,170.74 ETH [1]. Similarly, BTCS announced it holds 55,788 ETH, acquired at an average price of $2,846, with its treasury sitting above $206 million [1]. SharpLink, with Ethereum co-founder Joseph Lubin on its executive board, purchased 79,949 ETH, increasing its holdings to 360,807 ETH, valued at approximately $1.3 billion [1]. These companies are part of a growing trend where public companies are treating Ethereum as a strategic asset.

Coinbase Global, a cryptocurrency exchange and institutional custodian, holds 137,300 ETH, with its ETH usage deeply operational [2]. Bit Digital, which swapped its entire 280 Bitcoin treasury for Ethereum earlier this month, expanded its holdings to 120,306 ETH [2]. BitMine Immersion, a former Bitcoin miner, now leads with the largest declared ETH treasury of 566,776 ETH, aiming to become a dominant validator node operator [2].

The strategic moves by these companies reflect growing confidence in Ethereum’s proof-of-stake system (PoS), its role in decentralized finance (DeFi), and its smart contract infrastructure. This trend is not limited to crypto-native firms but spans industries, including sports tech, gaming, and infrastructure providers [2].

References:
[1] https://cryptoslate.com/public-companies-now-hold-3-2b-worth-of-ethereum-swelling-past-865000-eth/
[2] https://www.ccn.com/education/crypto/ethereum-public-companies-treasury/