No one would have expected that the "hot seat" of Ethereum's corporate holdings would change hands in just 35 days.

Tom Lee's company, BitMine, achieved this: the once obscure company on Nasdaq quietly raised its ETH holdings from zero to 830,000 coins through a PIPE financing and three rounds of structured accumulation, completing a come-from-behind victory over SharpLink to become the world's largest ETH treasury.

This is not just a numerical victory, but a showdown between two different capital lineages — SharpLink, representing the "OG of the crypto world," slowly accumulating coins and waiting for them to appreciate; BitMine, representing "Wall Street power," realizing gains during the bull run. Low cost versus high leverage, hodling mentality versus narrative strategy — behind this is a clash of two worldviews.

Their differences go beyond just how they buy coins, but in seizing an answer to a key question: in the next stage of crypto finance, who has the right to define ETH's "price"?

We attempt to understand this industry shift that has quietly but profoundly taken place from multiple perspectives.

Why are there two different lineages for ETH?

If BitMine represents a Wall Street-style structural ambush, then SharpLink's presence is precisely a continuation of the "ETH native" logic.

The divide between these two companies isn't just in the pace of accumulation, disclosure methods, or narrative strategies, but more importantly: what they represent is two vastly different origins and purposes.

SharpLink — holding coins in the hands of the OGs, holding for too long, moving too slowly. Breaking down SharpLink's shareholder base, it covers nearly the entire capital chain of the Ethereum ecosystem.

The first category is the original lineage camp: Consensys (founded by ETH co-founder Joseph Lubin) controls core infrastructure such as MetaMask and Infura, with Lubin himself serving as Chairman of the SharpLink Board. The second category is the infrastructure camp: Pantera, Arrington, Primitive, etc., deeply involved in Layer 2, DeFi protocols, and cross-chain facilities. The third category is the financialization camp: Galaxy Digital, GSR, Ondo Finance, etc., are directly involved in ETH's institutional, derivatives, and custody operations, making their holdings a manageable and appreciable institutional asset.

This capital commitment not only amplified SharpLink's "ETH Treasury" narrative, but also provided it with leverage in various stages such as buying, staking, and unwinding, making it a bridge for Wall Street to understand ETH.

The early ETH holding structure also reflects this "OG property": originating from internal transfers in the team wallet rather than the public market; the individual purchase size was small, but the distribution period was extremely long; emphasis on security, liquidity management, and audit cooperation.

According to financial reports and on-chain estimates, SharpLink's ETH acquisition cost ranges from $1,500 to $1,800, with some early holding costs even below $1,000. Therefore, the "HODLer" ratio is very high in its shareholder structure, so if there is natural selling pressure when the price returns to around $4,000, it would not be surprising.

Furthermore, as early as June 12, SharpLink submitted a document called S-ASR, the core content of which states that—once this registration becomes effective, the stocks can be immediately sold.

This path is not wrong, but it naturally brings three problems: the "HODLer" mentality of the OG team makes them more focused on the cost-benefit ratio, so once the price surges, it is easy to trigger unwinding impulses; the information flow under the OG network is more closed-loop and cautious, not inclined to actively play the Narrative card; prioritizing on-chain operation, it appears to lag in terms of financial report disclosure efficiency, capital market operations, and other aspects.

This is precisely the underlying reason why in the third quarter of 2025, when facing BitMine's rhythmic "disclosure—financing—adding positions—price increase" strategy, SharpLink appears to be half a step slower.

Vitalik Buterin Image Source: coingecko

On the other hand, BitMine almost descended on the ETH track in the posture of "typical Wall Street capital entry." First, the PIPE financing structure itself is full of financial engineering implications: it adopts a cash + warrant + ETH combination subscription structure; participants include mainstream US stock institutional investors such as Galaxy Digital, ARK Invest, Founders Fund; the chip distribution is transparent, with a lock-up period set, conducive to valuation model stability.

Clues can also be seen from the backgrounds of its board members—many of whom come from investment banks, private equity, hedge funds, familiar with PIPE financing, compliance arbitrage, and refinancing cycle operations. In their eyes, ETH is not a "digital currency" but a new type of financial asset that is "priceable, tradable, and cashable."

Between the OG and Wall Street, it's not just a rhythm difference, but a motivation conflict.

This forced SharpLink to start thinking, is it not enough to have only OG's ETH?

They seemed to have provided a new answer to this question — starting from August 7, they introduced new Wall Street institutional investors to participate in their $200 million registered private placement.

This is a Ethereum narrative "power transition": from the OG's hands, gradually shifting to the capital that can explain financial reports, tell a good story, and navigate structures.

The future may not necessarily be dominated solely by BitMine, but what can be foreseen is this: the next round of ETH price setting power will no longer be determined by the OGs in the crypto community, but by those who control the Narrative structure, who can obtain more Wall Street funding, and who will have more "narrative chips."

How to Usurp the ETH King Throne in 35 Days?

On July 1, 2025, BitMine's ETH holdings were zero; by August 5, it disclosed holdings of 833,137 coins. In just 35 days, this company, which previously had no crypto label in the open market, transformed from an "unknown" to the "world's largest Ethereum treasury company," completing a comeback against SharpLink.

We dissect in detail the actions BitMine took.

BitMine's timing was extremely precise. During its 35-day surge, there was almost a rhythmic announcement disclosure every 7 days, each one advancing the scripted narrative like a premeditated plan: Week 1 (July 1 – July 7): $250 million PIPE financing closed, publicly disclosed completion of initial purchase of approximately 150,000 ETH; Week 2 (July 8 – July 14): Additional acquisition of 266,000 ETH, total holdings surpassing 560,000 coins; Week 3 (July 15 – July 21): Additional purchase of 272,000 ETH, total holdings reaching over 830,000 coins;

These three rounds of disclosures did not follow the routine updates in quarterly reports but instead were inserted into the market through media, website, investor relations letters, etc., sending a clear signal: "We are continuously making large-scale purchases of ETH, and we are the leader in institutional holding growth."

This approach subverted the traditional disclosure logic of treasury companies waiting for results from financial reports and shifted towards a rhythmic narrative-led offensive.

More importantly, its accumulation rhythm is highly synchronized with the market trend. BitMine's average purchase price is not blindly buying in, but rather using the market adjustment window to "time the market" and buy the dip. According to PIPE filings, its average ETH buy-in price is $3,491, precisely avoiding the phase high, while also hitting the sensitive range before ETH enters a new uptrend channel.

This precise positioning is not accidental but rather coordinated with Galaxy Digital's provided full set of tools, including "OTC structure design + on-chain delivery + custody settlement," enabling it to efficiently absorb large amounts of ETH without causing significant price fluctuations.

At the same time, BitMine's stock price has undergone explosive growth in sync with its disclosures. Starting from $4 in early July to $41 in early August, an increase of over 900%. Its total market value has also surged from less than $200 million to over $30 billion.

What is even more noteworthy is that after each holding update release by BitMine, not only did its stock price rise, but the ETH spot market also saw a synchronous volume surge. The market began to see "BitMine Buy-in - ETH Price Increase" as a set of logically related events, further strengthening the closed-loop Narrative.

This "market expectation - structural disclosure - asset purchase - price feedback" positive cycle is seen by Wall Street as a typical case of market value reshaping. However, what is different is that it has reshaped not only the company's valuation but also reshaped the market dominance of the ETH treasury in a Narrative-driven manner.

BitMine is no longer just a hodling company; it is becoming a key hub of the "Ethereum institutionalized structure." In this process, it does not wait for market recognition but actively seeks to "manufacture" recognition through rhythm, disclosure, narrative, structure, and pricing models.

In summary: This is not a "buy and hold" accumulation but a "forced pump" structure.

From nothing to something, from coin purchase to valuation boost, from disclosure to leading pricing, BitMine has set a template for "structural growth" in just 35 days.

And it may well be the earliest financial prototype in the next Ethereum bull market narrative.

Tom Lee: The New Market Maker Spokesperson

As the Co-founder and Head of Research at Fundstrat Global Advisors, Tom Lee is one of the most influential figures bridging the gap between the stock market and the crypto market. He understands both macro data and public opinion manipulation, and most importantly, he knows how to narrate "bull runs" in a reasonable and appealing way.

His fame is not built on accurate predictions, but on high frequency, strong narrative, and strong positioning. The popular saying is: "Tom Lee may not always be right, but he always speaks early, speaks loudly, and speaks in a way that you remember."

His most representative tool is the Bitcoin Misery Index (BMI) — a "market sentiment index" designed by himself, which quantifies the market's "misery index" by integrating data such as trading volume, returns, and volatility.

The greatest significance of this index is not in predicting price movements, but in providing "data endorsement" for his bullish statements. For example: when the BMI is extremely low (<27), he will say "This is the dip-buying opportunity for long-term holders"; when the BMI is extremely high (>80), he will instead say "This represents the onset of a structural bull market"; if the price drops, he will say "Sentiment has not fully unwound"; if the price rises, he will say "On-chain structure is repairing."

Whether it's a rise or fall, he always has something to say; no matter how the market is doing, he can always be bullish.

Tom Lee Image Source: coingape

Tom Lee's "structured bullish calls" style also has several notable features.

Always provide a new target price. He once predicted in 2017 that Bitcoin "will hit $250,000 by 2022," then revised it to "expected to reach $200,000 by 2024" in 2021; when the market performs poorly, he cites factors such as halving cycles, inflation adjustments, and Fed policies to "defer" expectations, while upgrading the logic.

Platform synergy + frequent appearances. He is a regular guest on CNBC's "Fast Money" and a recurring commentator on Bloomberg; his Twitter account (@fundstrat) updates almost daily, along with YouTube interviews, using short video summaries and charts to convey his views; he also regularly updates data summaries with charts on the Fundstrat website for media to reference.

Emotion drives retail investors, narrative drives institutions. Retail investors hear him calling bottoms; institutions hear him discussing structure. He can, within the same model, create psychological expectations suitable for different audiences, forming a "multilayered Narrative nesting." For example, during a sharp price drop, he repeatedly emphasized the "institutional buying window" while urging retail investors "not to miss the opportunity to buy before the halving."

From Forecaster to Belief Builder. He doesn't just say "it will rise," he will tell you "the rise is structurally sound," "ETH will become the new anchor for tech stocks," "BTC is the new generation's digital gold." He transforms the "outcome-oriented" long call into an "belief-oriented" asset reappraisal.

And in the 2024–2025 Ethereum Narrative construction, Tom Lee once again becomes a key driver. He doesn't just say ETH will rise, but says "ETH will become part of a company's balance sheet," a view that directly provides public opinion support for Narrative-driven operations like BitMine.

During BitMine's rise, we can almost see the deep shadow of Tom Lee's rhetoric logic: measuring fundamentals with "structural indicators" such as ETH-per-share; explaining the rationality of rapid price increases with "cycle logic"; masking aggressive strategies behind "institutional entry."

Tom Lee is definitely the King of Narrative, relying not on being right, but on being influential.

Epilogue

In traditional financial markets, asset prices are determined by profit potential and cash flow; but in today's crypto asset world, price often exists prior to value, and narrative often drives valuation.

The rise of BitMine is not just a change in the ETH numbers on a company's balance sheet, but a Narrative reconstruction around "how to make institutions understand ETH." SharpLink clings to the old logic, slowly accumulating coins on-chain; BitMine, on the other hand, steps to the beat of structure and emotion, swiftly completing a "consensus turnover."

This is not a question of who is more honest, but a question of who can more quickly, clearly, and structurally, present "crypto assets" as "financial assets."

And behind this, another round of Narrative race is quietly brewing: who will be the "long-term valuation anchor" for ETH on Wall Street? Who will construct the next mainstream model for "ETH-per-share"? Who can turn the liquidity narrative into structural income? Who will ultimately become the next round's dominant player in institutional pricing discourse?

The market will provide the answers. But one thing is certain: this round of the Ethereum treasury battle is no longer just a relay baton of on-chain faith.

The pricing of the Ethereum ceiling no longer belongs to the OG who called long first, but to the Wall Street capital who tells the best stories.

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