Ethereum is just one step away from its historical high, at a critical moment standing at $4700, a hidden capital game is surfacing. The three Ethereum treasury companies, BitMine, SharpLink, and ETHZilla, are rewriting the valuation logic of ETH with real money.
BitMine and SharpLink have accumulated 1.8 million ETH, equivalent to 1.5% of Ethereum's circulating supply. But even crazier is the Nasdaq-listed company ETHZilla, which, after announcing the establishment of an ETH treasury, saw its stock price surge tenfold in a month, with its holdings of ETH valued at six times its net assets. This insane premium indicates that the traditional capital market is evaluating Ethereum's value with a brand new standard.
The rise of these three companies reveals three key trends:
First, institutions are packaging ETH assets using the resources of publicly listed company shells. By incorporating ETH into their balance sheets, they not only avoid the regulatory risks of directly holding coins but also gain liquidity premiums in the stock market.
Second, ETH is becoming a 'digital bond.' The model of treasury companies holding ETH to earn staking rewards is essentially issuing financial derivatives with ETH as the underlying asset.
Third, the integration of traditional capital and the crypto world is entering a new stage. From Grayscale Trust to treasury companies, the channels for institutions to allocate ETH are diversifying.
The implications for ordinary investors are clear:
The $4700 mark is not the finish line but the starting point. When ETH becomes a core asset of publicly listed companies, its valuation system has fundamentally changed. However, it is important to note that the volatility of these treasury concept stocks is much greater than that of ETH itself, and ordinary investors are more suited to participate in this round of innovative dividends through spot holdings. Remember, when Wall Street starts playing a new game, understanding the rules is more important than blindly following the trend.
