Editor's Note:
As of August 26, 2025, BitMine's Ethereum holdings have reached 1,718,770 ETH, with a total investment of approximately $6.607 billion, and an overall average holding cost in the range of $3,840-$3,950. (The author estimates based on currently available public data; actual data is subject to BitMine's official announcements.)
Last week (August 25), the company increased its holdings by approximately 190,500 ETH at a price close to $4,808. After today's sharp decline, BitMine again bottomed out by purchasing 4,871 ETH at a price of $4,370.
Overall, BitMine has adopted a "gradual increase" strategy for building its position. Although the latest average purchase price is close to historical highs, the dilution from early low-cost holdings keeps the overall average cost below $4,000.Below is an in-depth article published by Rhythm BlockBeats on August 12, analyzing BitMine from different perspectives.
No one initially expected that the "leader" in Ethereum corporate holdings would change hands within 35 days.
Represented by Tom Lee, BitMine achieved this: this small company, previously obscure on Nasdaq, leveraged a PIPE financing and three rounds of structured increases to raise its ETH holdings from zero to 830,000, completing a dramatic overtaking of SharpLink to become the world's largest ETH treasury.
This is not just a numerical victory but a clash of two different capital lineages—SharpLink, representing the "crypto OG," slowly accumulates coins and waits for prices to rise; BitMine, representing "Wall Street power," realizes profits through pushing prices up. Low costs and high leverage, a hoarding mentality versus a narrative strategy, reflect a direct confrontation of two worldviews.
They differ not only in their methods of buying coins but also in their quest for an answer to a critical question: In the next phase of crypto finance, who has the authority to define the "price" of ETH?
We attempt to understand this quietly occurring yet intense industry shift from multiple angles.
Why Two Lineages of ETH?
If BitMine represents a Wall Street-style structural assault, then SharpLink's existence is precisely a continuation of the "ETH native" logic.
The divide between these two companies lies not only in their holding rhythms, disclosure methods, and narrative strategies but, more importantly, in the fundamentally different backgrounds and purposes they represent.
SharpLink—coins held by OGs, hoarded for too long, moving too slowly. Analyzing SharpLink's shareholder composition reveals a nearly complete coverage of the entire Ethereum ecosystem's capital chain.
The first category is the original lineage camp: Consensys (founded by ETH co-founder Joseph Lubin) controls core facilities like MetaMask and Infura, with Lubin serving as the chairman of SharpLink's board. The second category is the infrastructure camp: Pantera, Arrington, Primitive, etc., deeply engaged in Layer 2, DeFi protocols, and cross-chain facilities. The third category is the financialization camp: Galaxy Digital, GSR, Ondo Finance, etc., directly operating in ETH's institutionalization, derivatives, and custody businesses, making their holdings manageable and value-enhancing institutional assets.
This capital binding not only amplifies SharpLink's "ETH treasury" narrative but also provides resource leverage in buying, staking, and reducing positions, becoming a bridge for Wall Street to understand ETH.
The initial ETH holding structure also reflects this "OG attribute": sourced from internal transfers within team wallets rather than the public market; single purchase sizes are relatively small but distributed over a long period; emphasizing security, liquidity management, and audit cooperation.
According to financial reports and on-chain estimates, SharpLink's ETH acquisition cost ranges between $1,500 and $1,800, with some early holdings costing even less than $1,000. Because of this, the proportion of "hoarding faction" in its shareholder structure is extremely high, making it unsurprising if natural selling pressure occurs when prices return to around $4,000.
Moreover, as early as June 12, SharpLink submitted a document named S-ASR, the core content of which is—once the registration takes effect, the stock can be sold immediately.
This path is not wrong, but it naturally brings three issues: the OG team's "hoarding" mentality makes them more focused on cost-benefit ratios; once the coin price rises significantly, it easily triggers a desire to reduce positions; the information flow within the OG network is more closed and cautious, disinclined to actively promote narratives; prioritizing on-chain operations, it appears lagging in financial report disclosure efficiency and capital market operations.
This is precisely the deeper reason why, in the third quarter of 2025, SharpLink appeared a step behind BitMine's rhythmic strategy of "disclosure—financing—increasing positions—price rise."
Image of Vitalik Buterin: Source: coingecko
In contrast, BitMine has almost arrived in the ETH arena with a "typical Wall Street capital entry" posture. First, the PIPE financing structure itself is filled with financial engineering implications: using a cash + warrant + ETH combination subscription structure; participants include mainstream U.S. stock structure investors like Galaxy Digital, ARK Invest, Founders Fund; the chip distribution is transparent, with lock-up periods set, benefiting valuation model stability.
We can glimpse clues from the backgrounds of its board members—many come from investment banks, private equity, and 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 "priceable, tradable, and cashable" financial asset.
The differences between OGs and Wall Street are not just in rhythm but also in motivation.
This has forced SharpLink to start considering whether having only OG's ETH is sufficient.
They seem to have provided a new answer to this question—starting on August 7, they introduced new Wall Street institutional investors to participate in their $200 million registered directed issuance.
This is a "power transfer" of the Ethereum narrative: gradually shifting from the hands of OGs to capital that can articulate financial reports, tell good stories, and run structures effectively.
The future may not necessarily belong solely to BitMine, but it is foreseeable that the next round of ETH pricing power will no longer be determined by crypto OGs but by those who master narrative structures and can secure more Wall Street financing, thus holding more "narrative chips."
How to Seize the ETH Leadership in 35 Days?
On July 1, 2025, BitMine's ETH holdings were zero; by August 5, its disclosed holdings had reached 833,137 ETH. In just 35 days, this company, previously without any crypto label in the public market, transformed from an "unknown" to the "world's largest Ethereum treasury company," completing a dramatic overtaking of SharpLink.
What exactly did BitMine do?
BitMine's timing was extremely precise. During its 35-day explosive period, there was almost a rhythmic announcement every 7 days, each one like a scripted progression: First week (July 1–July 7): PIPE financing of $250 million landed, publicly disclosing the completion of the first batch purchase of about 150,000 ETH; Second week (July 8–July 14): additional procurement of 266,000 ETH, total holdings surpassed 560,000; Third week (July 15–July 21): additional purchase of 272,000 ETH, cumulative holdings exceeded 830,000;
These three rounds of disclosures did not follow the routine updates in quarterly reports but were inserted through media, official websites, and investor relations letters to convey clear signals to the market: "We are continuously buying ETH on a large scale, and we are the leaders in institutional holdings growth."
This approach disrupts the traditional disclosure logic of treasury companies that "wait for financial reports to yield results," shifting to a "narrative-driven" rhythmic offensive.
More importantly, its acquisition rhythm is highly synchronized with market trends. BitMine's average purchase price was not a blind buy but utilized market adjustment windows to "time the rhythm" for low-cost acquisitions. According to the PIPE document, its average ETH purchase price was $3,491, precisely avoiding the peak while hitting a sensitive range before ETH entered a new upward channel.
This precise layout is not coincidental but is complemented by a complete toolchain provided by Galaxy Digital, including "OTC structural design + on-chain delivery + custody settlement," allowing it to efficiently absorb large amounts of ETH without triggering severe price fluctuations.
At the same time, BitMine's stock price also experienced explosive growth in sync with its disclosures. From $4 at the beginning of July, it surged to $41 in early August, an increase of over 900%. Its total market capitalization jumped from less than $200 million to over $3 billion.
Notably, after each update of BitMine's holdings, not only did its stock price rise, but the ETH spot market also saw a simultaneous increase in volume. The market began to view "BitMine buying—ETH price rising" as a logically related event, further reinforcing the narrative loop.
This positive cycle of "market expectations—structural disclosure—asset buying—price feedback" is seen by Wall Street as a typical case of market capitalization reshaping. However, unlike before, it not only reshaped the company's valuation but also redefined the market dominance of the ETH treasury through narrative means.
BitMine is no longer just a coin-holding enterprise; it is becoming a key hub of the "institutional structure of Ethereum." In this process, it does not wait for market recognition but actively "manufactures" recognition through rhythm, disclosure, rhetoric, structure, and pricing models.
In summary: This is not a "wait for the rise" acquisition but a "force the rise" structure.
From nothing to something, from buying coins to pushing up valuations, from disclosure to leading pricing, BitMine has created a "structural rise" template in 35 days.
And it may be the earliest financial prototype to emerge in the next Ethereum bull market narrative.
Tom Lee: The New House Dealer Spokesperson
As the co-founder and head of research at Fundstrat Global Advisors, Tom Lee is one of the most influential bridge figures between the U.S. stock and crypto markets. He understands macro data, public opinion manipulation, and, more importantly, knows how to present "rises" in a reasonable and appealing manner.
His fame does not come from precise predictions but from high frequency, strong narratives, and strong positioning. The popular saying goes: "Tom Lee may not always be right, but he certainly speaks early, loudly, and memorably."
His most representative tool is the Bitcoin Misery Index (BMI) — a "market sentiment indicator" designed by himself, which quantifies the market's "misery index" by integrating data such as trading volume, return rates, and volatility.
The greatest significance of this index lies not in predicting price movements but in providing "data backing" for his bullish statements. For example, when the BMI is extremely low (27), he will say, "This is the moment for long-term holders to buy the dip"; when the BMI is extremely high (>80), he will claim, "This indicates that a structural bull market has arrived"; if the price drops, he will say, "The sentiment has not yet fully released"; if the price rises, he will say, "The on-chain structure is repairing."
Regardless of whether prices rise or fall, he always has something to say; no matter how the market behaves, he can always be bullish.
Image of Tom Lee: Source: coingape
Tom Lee's "structured call" style has several notable characteristics.
He always provides a new target price. He once predicted in 2017 that Bitcoin "would reach $250,000 in 2022," and later revised it in 2021 to "expected to reach $200,000 in 2024"; when the market performs poorly, he cites factors such as halving cycles, inflation adjustments, and Federal Reserve policies to "delay" expectations while upgrading the logic.
Platform linkage + frequent appearances. He is a regular guest on CNBC's "Fast Money" and a fixed commentator for Bloomberg; his own Twitter (@fundstrat) is almost updated daily, and he synchronizes YouTube interviews, using short video summaries and charts to disseminate his views; he also regularly updates data summaries with charts on the Fundstrat website for media to reference.
Emotions drive investors, narratives drive institutions. Retail investors listen to him call the bottom; institutions listen to him discuss structure. He can create psychological expectations suitable for different groups within the same model, forming a "nested multiple narrative." For example, during a price crash, he repeatedly emphasized the "institutional buying window" while urging retail investors not to miss the opportunity to get in before the halving.
From prediction to faith creation. He doesn't just say "it will rise"; he tells you "the structure of the rise is reasonable," "ETH will become the new anchor for tech stocks," "BTC is the new generation of digital gold." He transforms "result-oriented" bullish calls into "faith-oriented" asset revaluations.
In the construction of the Ethereum narrative for 2024-2025, Tom Lee once again became an important driving force. He doesn't just say ETH will rise; he states, "ETH will become part of corporate balance sheets," a viewpoint that directly provides public opinion support for narrative-driven operations like BitMine.
In the rise of BitMine, we can almost see the deep shadow of Tom Lee's rhetorical logic: using "structural indicators" like ETH-per-share to measure fundamentals; using "cyclical logic" to explain the rationality of rapid price increases; using "institutional entry" to mask the aggressive strategies behind high-cost purchases.
Tom Lee is undoubtedly the king of narratives; he doesn't rely on being right but on being loud.
Epilogue
In traditional financial markets, asset prices are determined by profitability and cash flow; however, in today's world of crypto assets, prices often exist before value, and narratives frequently dominate the generation of valuations.
The rise of BitMine is not just a change in the ETH figure on a corporate balance sheet but a narrative reconstruction around "how to make institutions understand ETH." SharpLink clings to old logic, slowly hoarding coins on-chain; BitMine, on the other hand, quickly completes a "consensus turnover" by stepping to the beat of structure and sentiment.
This is not a question of who is more honest, but rather who can more quickly, clearly, and structurally turn "crypto assets" into "financial assets."
Behind this, a larger narrative race is quietly brewing: Who will be the "long-term valuation anchor" for ETH on Wall Street? Who will build the next mainstream model of "ETH-per-share"? Who can turn liquidity narratives into structural income? Who will ultimately become the next dominant force in institutional pricing discourse?
The market will provide the answer. But it is certain that this round of the Ethereum treasury battle is no longer just a relay baton of on-chain faith.
The pricing of Ethereum's ceiling no longer belongs to the earliest bullish OGs but to the Wall Street capital that tells the best stories.
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