In the past few years, under the dazzling light of Bitcoin, Ethereum has seemed to always play a supporting role. However, with the official implementation of the U.S. (stablecoin bill), a silent transformation is spreading across Wall Street—Ethereum is rapidly becoming the 'new darling' in the eyes of institutional investors, with momentum that threatens to even surpass Bitcoin.
Corporate Holdings Shift Dramatically
More and more companies are turning their attention to Ethereum, incorporating it into their balance sheets. This is no longer a niche behavior but has become an important channel for companies to bet on decentralized finance and digital infrastructure.
Cryptocurrency mining companies like BitMine Immersion Technologies and blockchain company BTCS are among the pioneers in the crypto field taking the lead.
Coinbase Global, the parent company of the largest digital currency exchange in the U.S., Coinbase, is prominently listed, with its holdings in Ethereum valued at over $440 million.
Gaming betting company SharpLink Gaming has emulated MicroStrategy's 'Bitcoin hoarding' strategy, becoming the world's largest corporate holder of Ethereum with over 350,000 tokens.
Computing company Bit Digital has completely shifted, migrating all of its crypto assets from Bitcoin to Ethereum, with its CEO stating that Ethereum has the potential to 'rewrite the entire financial system.'
The market is extremely sensitive, and companies heavily invested in Ethereum saw their stock prices soar. SharpLink Gaming and BTCS have both seen their stock prices surge nearly 200% in the past month.
Ethereum's price surges, and Wall Street's expectations are optimistic
Market confidence has directly boosted Ethereum's price. In the past month, Ethereum's price surged nearly 60%, breaking through $3700, reaching a new high since January of this year. Although it has not yet recovered the historical peak of over $4600 in 2021, Wall Street investment banks have raised their expectations: a target of $4000 by the end of July, and even as high as $15,000 by the end of the year.
Stablecoin Bill: Igniting the Fuse for Ethereum
The stablecoin bill passed by the U.S. Congress and signed by the president last week has become a key catalyst for the reevaluation of Ethereum's value. Its core logic is:
Technical Foundation: Ethereum is indispensable for stablecoin technology. Its support for programmable tokens is key to the operation of stablecoin smart contracts. Over half of existing stablecoins rely on Ethereum.
Infrastructure Value: Bank of America points out that Ethereum will greatly benefit from the stablecoin boom. Investing in Ethereum is like investing in the 'infrastructure' of stablecoin technology.
Ecological Value Capture: Bernstein analysts sharply asked: 'Does institutional innovation on the blockchain not mean that the blockchain network and its native assets (like Ethereum) become more valuable?' Any company using stablecoin technology must pay transaction fees to the Ethereum network.
The market's enthusiasm for the prospects of stablecoins has already emerged. Stablecoin issuer Circle (its USDC stablecoin operates on Ethereum) has seen its stock price soar over 600% since its IPO in June.
Ethereum: The 'World Computer' Beyond Currency
Ethereum's core advantage lies in its positioning as a 'programmable blockchain':
Open Innovation Platform: Allowing developers to build and run programs and contracts on it. Currently, Ethereum occupies over 51% market share in the field of bankless direct transactions.
Tokenization's 'Killer App': The CEO of the cryptocurrency trading platform NoOnes praised tokenization as Ethereum's 'killer application', allowing projects, factories, artists, or influencers to create custom tokens and build communities. 'It can be said that it is more practical than Bitcoin.'
The newly listed BitMine Immersion Technologies has even positioned itself directly as an 'investor focused on Ethereum,' with its holdings valued at over $1 billion. They believe that holding Ethereum is a strategic bet on the 'underlying infrastructure behind the integration of cryptocurrency and financial services.'
Controversies Remain: Bitcoin Believers vs. Volatility Risks
Not all institutions agree that Ethereum's value is equivalent to Bitcoin. When asked if he would increase his holdings in Ethereum, Michael Saylor, the Executive Chairman of MicroStrategy, the largest publicly traded Bitcoin holder, gave a classic response: 'The only thing I like more than Bitcoin is more Bitcoin.'
Fundstrat's head of digital asset strategy also timely reminded: 'Don't misunderstand that Ethereum is replacing Bitcoin. This is just a differentiated application of blockchain technology on different use cases.'
It is worth noting that, like Bitcoin, the large-scale hoarding of Ethereum by companies also faces the risk of drastic price fluctuations. In April this year, Ethereum's price plummeted due to policy news.
As traditional financial giants begin to scramble to hoard Ethereum, and as the new stablecoin regulations crown its underlying technology, Ethereum is showcasing a grand narrative that transcends mere 'digital currency.' It is both a new artery for financial transactions and a fertile ground for future digital economy innovations. While Bitcoin's 'digital gold' throne remains secure, Ethereum's 'world computer' path has been paved with challenges and opportunities under the support of Wall Street capital.
The blockchain world is in stark contrast—one side is the steadfast adherence of Bitcoin believers, while the other is the rapid advancement of the Ethereum ecosystem backed by institutions. This ultimate competition between value storage and application landing is just beginning to unfold.
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