The price of ethereum broke past the $4,200 mark for the first time in two weeks on Monday, but last week spot ethereum ETFs had a rough time, with $248.9 million in outflows. Even though it’s the second week in a row in the red, overall flows for ethereum ETFs remain positive for the month, at nearly $554 million, per SoSoValue.

The price action comes as digital asset treasury firms focused on ethereum continue to enlarge their reserves. Monday morning, BitMine Immersion Technologies, the largest ethereum treasury firm, announced purchasing an additional $320 million worth, bringing its holdings to 3.3 million tokens or 2.8% of the total supply, according to its press release. 

Elsewhere, on-chain data shows the second-largest ethereum treasury company, SharpLink Gaming, received $78 million in ethereum in one transaction from crypto trading firm FalconX.

Also adding to its treasury, Japanese firm Quantum Solutions acquired 500 ethereum tokens, CEO Francis B. Zhou announced. 

Jim Hwang, COO of crypto investment firm Firinne Capital, told Sherwood News the activity doesn’t affect their outlook on ethereum since they are focused on fundamental activities that enable value accrual, not shorter-term investor preferences. He said, however, “It is good to see that [digital asset treasury] activities demonstrate a long-term commitment to ETH.”

Even though geopolitical and tariff concerns fuel volatility, Hwang’s outlook for ethereum is “directionally higher as institutional adoption, generally positive US legislative momentum, and expectations of easing interest rates are providing tailwinds.”