According to BBX: When SharpLink made a single purchase of $66.63 million in ETH, and Parataxis initiated a $640 million SPAC merger to establish a Bitcoin treasury—August 11-17, 2025, became a watershed moment for institutional crypto allocation: a weekly actual investment of $150 million, with a new financing plan of $1 billion, ETH leads the way due to the advantages of RWA ecosystem binding.
1. ETH Gamble: RWA Ecosystem Sparks Treasury Competition
SharpLink (SBET) revealed an aggressive strategy with an 18,680 ETH flash increase:
- Position Control: Total holding of 604,000 ETH (0.5% of circulation), reserving $200 million for immediate increase
- Capital Backing: Directed issuance of $200 million specifically for ETH reserves, becoming the largest ETH hoarder on NASDAQ
Huajian Medical (01931) validates the closed-loop model:
- RWA Conversion Efficiency: Medical IP tokenization revenue 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 ETH accumulation reached 34,475 ETH ($12.6 million), accounting for 84% of the total investment.
2. BTC Cornerstone: Compliance Evolution of Long-term Reserves
Japan's Metaplanet's increase of 518 BTC continues the national strategy:
- Cost Control: Average holding price of $52,387, with a floating profit of 468%
- Legal Moat: Utilizes a special structure under the "Japanese Digital Asset Trust Act"
France's Sequans showcases the European path:
- Incremental Holdings: An additional 85 BTC through compliant custody with Coinbase Custody
- Regional Ranking: Holding 3,157 BTC, ranking third among European listed companies
3. Financing Revolution: The Capital Arsenal Behind $1 Billion
New SPAC Merger Paradigm:
- Parataxis raises $640 million through SPAC merger to establish a pure BTC treasury company (NYSE code: PRTX)
RWA Ecosystem Fund:
- Guofu Quantum (0290.HK) is raising HKD 1.326 billion, with 45% allocated to pre-RWA funds
Securitization of Staking Returns:
- Bit Origin packages 3,200 ETH staking rights into bonds (annualized 4.2%), first subscribed by an insurance company
Innovations in financing tools have expanded the scale of corporate crypto allocation by 6.7 times (actual investment vs. financing plan = $150 million: $1 billion)
4. Trend Verification: From Holding to Ecosystem Synergy
Three signals reveal a qualitative change:
ETH becomes RWA hard currency: Companies like Huajian Medical prove that ETH can serve as "on-chain settlement fuel," with dual returns from staking rewards + transaction fees overwhelming BTC
Compliance custody determines life and death: HashKey (Hong Kong), Coinbase (USA), and SBI VC (Japan) handle 92% of institutional trading
SPAC opens new battlefields: The Parataxis model allows Bitcoin treasury companies to go public independently, lowering the entry threshold for traditional capital
During the week, Asian institutional participation reached 68%, with Hong Kong VASP custody volume increasing by 41% month-on-month.
From SharpLink's ETH treasury to Parataxis's Bitcoin treasury SPAC, the $150 million weekly investment is just the tip of the iceberg— the $1 billion financing plan indicates that the institutional wave is entering deeper waters. As ETH becomes the lifeblood of the RWA ecosystem and BTC transforms into a balance sheet cornerstone, listed companies are rewriting the rules of financial infrastructure.
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