In a move that represents a radical departure from the traditional model, "Bitmain Emergent Technologies" announced the allocation of $250 million to purchase Ethereum, becoming the first public company to adopt this digital currency as a reserve asset instead of dollars or bonds. This amount was not raised from operational profits or traditional financing, but through the sale of 55 million shares at $4.50 per share to investors from the digital currency sector. In other words, the company used its shares not only to raise capital but to provide an indirect opportunity for investors to own Ethereum within an organized institutional structure.
What "Bitmain" did reflects a similar trend to what "MicroStrategy" has done, a company originally involved in data analytics and enterprise software, but it completely redefined its identity through an unconventional strategy: replacing cash reserves with massive purchases of Bitcoin. This move made "MicroStrategy"'s stock not evaluated based on the company's operational performance, but based on Bitcoin's movements, making it a sort of indirect fund for investing in this currency.
Here, the same pattern repeats: a company transforms itself from a tech or service project into an "institutional gateway" to access a digital asset. In the same way, "Bitmain"'s stock is no longer just a tech stock but has become a symbol of betting on the future of Ethereum. Psychologically, this is called "narrative centralization" — where the stock is not sold because the company is profitable, but because its story is attractive and appeals to the market's imagination, especially for those who want to invest in digital currencies without directly entering the complexities of wallets and platforms.