John Deaton, a prominent Ripple advocate, has dropped an “I told-you-so” post on X regarding the adoption of cryptocurrency by Wall Street. Deaton was reacting to a CNBC article that highlights that Tom Lee, a Wall Street strategist, is looking to replicate Strategy’s Bitcoin accumulation playbook on Ethereum (ETH).
Wall Street embraces crypto treasury models with Ethereum
Deaton said years back, when he predicted that traditional financial players would borrow a page from Michael Saylor’s Bitcoin Treasury strategy, many mocked him. According to him, he also stated that an XRP exchange-traded fund (ETF) would eventually emerge, and aside from Bitcoin, other crypto assets will be used as treasury strategies.
The renowned XRP advocate maintains that his emphasis was not just on crypto but also on how Wall Street’s greed and fear of missing out (FOMO) would spark the accumulation drive.
Deaton noted that BitMine Immersion Technologies’ move to implement a buying strategy around Ethereum, backed by an initial $250 million fund, has vindicated him. Besides this company, SharpLink Gaming currently has the most extensive ETH treasury.
According to Deaton’s update, SharpLink Gaming has secured a $425 million private placement for the asset. Meanwhile, five other companies have either indicated interest or already implemented XRP treasury holdings for different use cases.
The same is happening with Solana, where companies like Upexi, DeFi Development Corp, and Sol Strategies are all raising millions of dollars to build SOL treasuries.
Deaton: “It’s about behavior, not just blockchain”
Interestingly, in all of the cited cases, Deaton noted that the stock prices of these companies recorded positive gains after the move. This suggests that the approach is gaining traction in the traditional financial space.
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According to Deaton, his prediction was not necessarily about the technology behind each of the listed crypto assets. Rather, it flowed from his knowledge of Wall Street behavior. He claims that players on Wall Street do not sit on the sidelines if there is an opportunity to make money.
If the digital currency market continues to attract Wall Street, it could have a ripple effect on the value of these coins as adoption grows.