According to BBX: When SharpLink spent 66.63 million USD to buy ETH, and Parataxis initiated a 640 million USD SPAC merger to establish a Bitcoin treasury — August 11-17, 2025, became a watershed moment for institutional crypto allocation: actual weekly investment of 150 million USD, new financing plan of 1 billion USD, with ETH leading due to the advantages of RWA ecological binding.
I. ETH Gambling: RWA Ecosystem Sparks Treasury Competition
SharpLink (SBET)'s lightning increase of 18,680 ETH reveals aggressive strategy:
- Position Control: Total holdings of 604,000 ETH (accounting for 0.5% of circulation), reserving 200 million USD for potential increases.
- Capital Backing: Directed issuance of 200 million USD exclusively for ETH reserves, becoming the largest ETH hoarder on NASDAQ.
Huajian Medical (01931) validates the closed-loop model:
- RWA Conversion Efficiency: Medical IP tokenization earnings automatically converted to ETH, with the first batch of 5,190 ETH injected into the ivd.xyz ecosystem.
- Custody Compliance: 100% executed through Hong Kong HashKey Exchange.
During the week, institutional holdings of ETH increased by 34,475 coins (126 million USD), accounting for 84% of the total investment.
II. BTC Cornerstone: Evolution of Long-term Reserve Compliance
Japan's Metaplanet's addition of 518 BTC continues the national strategy:
- Cost Control: Average holding price of 52,387 USD, with a floating profit of 468%.
- Legal Moat: Adopts special structure under the (Japanese Digital Asset Trust Act).
France's Sequans showcases the European path:
- Incremental Holdings: Added 85 BTC through Coinbase Custody compliant custody.
- Regional Ranking: Holding 3,157 coins jumps to third among European listed companies.
III. Financing Revolution: The Capital Arsenal Behind 1 Billion USD
New Paradigm of SPAC Mergers:
- Parataxis raised 640 million USD through SPAC to set up a pure BTC treasury company (NYSE code: PRTX)
RWA Ecological Fund:
- Guofu Quantum (0290.HK) has raised 1.326 billion HKD, with 45% directed towards pre-RWA funds.
Staking yield securitization:
- Bit Origin packaged 3,200 ETH staking rights into bonds (annualized 4.2%), first subscribed by an insurance company.
Innovation in financing tools expands the scale of corporate crypto allocations by 6.7 times (actual investment vs financing plan = 150 million: 1 billion)
IV. Trend Verification: From Holding to Ecological Synergy
Three major signals reveal qualitative changes:
1. ETH becomes the hard currency of RWA: Companies like Huajian Medical prove that ETH can serve as 'on-chain settlement fuel', with staking rewards + transaction fees crushing BTC.
2. Compliance custody determines life and death: HashKey (Hong Kong), Coinbase (US), and SBI VC (Japan) accounted for 92% of institutional trading.
3. SPAC opens up a new battlefield: The Parataxis model allows Bitcoin treasury companies to be independently listed, lowering the entry threshold for traditional capital.
During the week, Asian institutional participation reached 68%, with a 41% monthly increase in Hong Kong VASP custody volume.
From SharpLink's ETH treasury to Parataxis's Bitcoin treasury SPAC, 150 million USD weekly investment is just the tip of the iceberg — the 1 billion USD financing plan signals that the institutional wave is entering deeper waters. When ETH becomes the blood of the RWA ecosystem and BTC becomes the cornerstone of the balance sheet, listed companies are rewriting the rules of financial infrastructure.
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