The 'top seat' of Ethereum enterprise holdings was surprisingly completed in 35 days. BitMine, behind Tom Lee, leaped from a nameless player on Nasdaq to the world's largest ETH treasury, surpassing SharpLink with a holding of 830,000 coins. This is not just about digital wins and losses, but a clash of worldviews between cryptocurrency OGs and Wall Street capital — the former believes in holding coins for appreciation, while the latter excels at realizing gains through pushing the price up, fundamentally a struggle for ETH pricing power.
The divide of two bloodlines
SharpLink is a continuation of the 'ETH native' logic, with shareholders covering the entire Ethereum ecosystem: core facilities controlled by original bloodline camps like Consensys, infrastructure deepening by Pantera, and financialization promoted by Galaxy Digital. Its holdings reflect OG attributes: originating from internal transfers, small but long-term purchases, with a build-up cost concentrated between $1500 and $1800, some below $1000. However, the 'holding coins' mentality can easily trigger selling pressure, and the closed information flow and lagging capital operations make it passive against BitMine's rhythmic offensive.
BitMine is a typical representative of Wall Street capital. Its PIPE financing consists of cash + warrants + ETH, with participants including mainstream U.S. stock institutions, and its board members mostly coming from investment banks, viewing ETH as a tradable financial asset. This difference has forced SharpLink to bring in Wall Street investors, marking the shift of Ethereum narrative power from OGs to structured capital.
The 35-day path to seizing power
From July 1 to August 5, 2025, BitMine completed a comeback with precise timing: in the first week, it raised $250 million and acquired 150,000 ETH, in the second week increased to 560,000 coins, and in the third week surpassed 830,000 coins. Its disclosure method broke conventions, delivering 'continued buying' signals through frequent announcements, forming a positive cycle of 'expectation - disclosure - buying - price rise.'
With the toolchain of Galaxy Digital, BitMine efficiently accumulated shares at an average price of $3491, avoiding high points while hitting the upward window. Its stock price skyrocketed by 900%, rising from a market value of $200 million to $3 billion, also driving up ETH spot prices, actively 'manufacturing' market recognition.
The narrative magic of Tom Lee
As a bridge between the U.S. stock market and the crypto market, Tom Lee influences the market with high frequency and a strong narrative style. His designed Bitcoin Pain Index (BMI) provides 'data backing' for bullish statements, creating a logical loop regardless of price fluctuations.
He excels at providing new target prices, leveraging platforms like CNBC for coordinated communication, attracting retail investors' attention to the bottom while explaining the structural logic to institutions, transforming 'result-oriented' bullish calls into 'belief-oriented' asset re-evaluations. In the rise of BitMine, his rhetoric provided public support for high-cost purchases, making him the 'King of Narratives.'
In traditional finance, prices are determined by profits, while in the crypto world, narratives often dominate valuations. The victory of BitMine is a narrative reconstruction that transforms 'crypto assets' into 'financial assets.' In the future, the pricing power of ETH will no longer belong to the OGs who called the bullish trend early, but will instead belong to those who master narrative structures and Wall Street resources. This battle for financial resources has surpassed the relay of on-chain beliefs and has become a battleground for narrative power on Wall Street.
I am Yan, having experienced multiple cycles of the cryptocurrency market, I have been in the industry for three years, mastered it in five, and dominated for ten. I possess rich trading experience across various sectors of the cryptocurrency world. Follow me to cut through the fog of information and gain insights into the real cryptocurrency market. Seize more opportunities for wealth growth and discover truly promising cryptocurrencies. Don't miss out on great opportunities anymore!#杰克逊霍尔会议 #币安HODLer空投PLUME #加密市场回调 #俄乌冲突即将结束？ #Strategy增持比特币
