When BitMine added 69,822 ETH to its treasury, its total holdings reached 3.63 million ETH. Meanwhile, Naver acquired Upbit for $10.3 billion to create a super platform. Yesterday, the crypto economy achieved significant breakthroughs in both institutional treasury and industrial mergers and acquisitions, marking a new phase in the integration of traditional capital and the crypto ecosystem.

1. ETH Treasury Giant: BitMine's $16.3 Billion Holdings

BitMine (NYSE:BMNR) has attracted market attention with its continued accumulation:

• Added 69,822 ETH, raising total holdings to approximately 3.63 million ETH (about $16.3 billion)
• Further increased its share of the total circulating ETH supply, solidifying its position as the largest institutional holder of ETH globally
• The company's stock showed significant strength during trading yesterday, indicating market recognition of its ETH strategy

This accumulation is equivalent to an investment of about $310 million per week, continuing its deployment plan funded by $24.5 billion raised through ATM financing.

2. Ecological Merger and Acquisition: Naver's $10.3 Billion Acquisition of Upbit

Naver Corp. (KOSE:035420) has made a milestone strategic acquisition:

• Acquired Upbit operator Dunamu through a stock swap via its subsidiary Naver Financial
• The transaction values Dunamu at approximately 15.1 trillion Korean won ($10.3 billion)
• Will integrate Naver Pay (with an annual transaction volume exceeding 18 trillion won) with Upbit's crypto trading capabilities

Strategic Integration Value:

• Create a super platform that combines search, communication, payment, and virtual asset trading
• Accelerate the advancement of its Korean won-pegged stablecoin plan
• Achieve deep integration of traditional internet traffic and crypto trading users

1. Trend Insights: From Treasury Allocation to Ecological Integration

Specialization in Treasury Allocation:

Companies like BitMine are continuously increasing their holdings in specific assets, leveraging professional treasury management to gain scale effects and market influence.

Ecological Industrial Mergers:

Naver's acquisition of Upbit is not merely a financial investment but aims to build a closed-loop digital ecosystem, integrating crypto trading into everyday life scenarios.

Traditional Giants Entering the Arena:

From internet giants (Naver) to fintech companies, traditional enterprises are rapidly acquiring crypto business capabilities through mergers and acquisitions rather than building from scratch.

Regulatory Compliance Advancement:

Korea's regulatory framework for virtual asset trading has made such large-scale mergers possible, indicating that the compliance environment is maturing.

Data shows that by 2025, the total value of global mergers and acquisitions involving virtual asset businesses has surpassed $50 billion, a 300% year-on-year increase.

From BitMine's ETH treasury to Naver's acquisition of Upbit, today's breakthroughs demonstrate that the crypto economy is accelerating development in both depth (treasury scale) and breadth (ecological integration). Institutional participation is no longer limited to asset allocation but is deeply embedded in the industry, reshaping the business ecosystem.

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