No one would have originally thought that the "top spot" of Ethereum enterprise holdings would change hands within 35 days.

Represented by Tom Lee, the company BitMine achieved this: this previously obscure small company on Nasdaq, through a PIPE financing and three rounds of structured positions, pulled its ETH holdings from zero to 830,000, overtaking SharpLink and becoming the world's largest ETH treasury.

This is not just a numerical victory, but a battle between two different types of capital - SharpLink, representing the "crypto OGs", slowly accumulating coins and waiting for a rise; BitMine, representing "Wall Street power", realizing gains through pushing prices. Low cost and high leverage, hodling mentality versus Narrative strategy, represent a direct confrontation of two worldviews.

They differ not just in how they buy coins, but in competing to answer one question: Who has the right to define ETH's "price" in the next stage of crypto finance?

We attempt to understand this quietly occurring but intense industry shift from multiple angles.

Why Two Blood Lines of ETH?

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

The divide between these two companies is not only in their holding rhythm, disclosure methods, and Narrative tactics, but more importantly: they represent two completely different origins and purposes.

SharpLink - OG's coins have been held too long and moved too slowly. Dissecting SharpLink's shareholder lineup almost covers the entire Ethereum ecosystem's capital chain.

The first category is the original bloodline camp: ConsenSys (founded by ETH co-founder Joseph Lubin) controls core infrastructure like MetaMask and Infura, with Lubin personally serving as SharpLink's board chairman. The second category is the infrastructure camp: Pantera, Arrington, Primitive, etc., deeply engaged in Layer2, DeFi protocols, and cross-chain infrastructure. The third category is the financialization camp: Galaxy Digital, GSR, Ondo Finance, etc., directly operating in ETH's institutionalized, derivatives, and custody businesses, making its holdings manageable and value-added institutional assets.

This capital binding not only amplifies SharpLink's "ETH Treasury" narrative but also provides resource leverage for its buying, staking, and reduction processes, becoming a bridge for Wall Street to understand ETH.

The initial ETH holding structure also reflects this "OG attribute": sourced from internal team wallet transfers rather than open market; small single purchase sizes but extremely long distribution periods; emphasizing safety, liquidity management, and audit coordination.

According to financial reports and on-chain estimates, SharpLink's ETH building cost is concentrated between $1,500-$1,800, with some early positions even below $1,000. Because of this, the "hodling faction" in its shareholder structure is extremely high, and natural selling pressure around $4,000 would not be surprising.

Moreover, as early as June 12, SharpLink submitted an S-ASR document, essentially meaning that stocks can be sold immediately after registration.

This path is not wrong, but naturally brings three issues: the OG team's "hodling" mentality makes them more focused on cost-benefit ratio, easily triggering reduction impulses when prices surge; the OG network's information flow is more closed and cautious, not inclined to actively play the Narrative card; prioritizing on-chain operations makes them appear lagging in financial report disclosure and capital market operations.

This is the deep-seated reason why SharpLink seemed half a beat slower when facing BitMine's rhythmic "disclosure-financing-position-price increase" strategy in Q3 2025.

V God Image source: coingecko

In contrast, BitMine almost descended into the ETH track in a "typical Wall Street capital entry" posture. First, the PIPE financing structure itself is full of financial engineering: using a cash+warrant+ETH composite subscription structure; participants include mainstream US stock structural investors like Galaxy Digital, ARK Invest, Founders Fund; chip distribution is transparent, with lock-up periods set, conducive to stable valuation models.

We can glimpse this from the background 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 financial asset that can be priced, traded, and cashed out.

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

This forced SharpLink to start thinking: Is OG's ETH alone not enough?

They seem to have given a new answer - starting August 7, introducing new Wall Street institutional investors in a $200 million registered direct offering.

This is an Ethereum narrative "power transfer": gradually moving from OG hands to capital that can explain financial reports, tell good stories, and run through structures.

The future may not be BitMine's dominance, but it can be foreseen that the next round of ETH pricing power will no longer be determined by crypto OGs, but by whoever masters the Narrative structure and can obtain more Wall Street financing will have more "narrative chips".

How to Seize the ETH Throne in 35 Days?

On July 1, 2025, BitMine's ETH holdings were zero; by August 5, its disclosed holdings reached 833,137. In just 35 days, this previously unknown company in the public market transformed from an "unknown entity" to the "world's largest Ethereum treasury company", overtaking SharpLink.

We'll detail BitMine's exact moves.

BitMine's timing was extremely precise. In its 35-day explosive cycle, it almost had a rhythmic announcement every 7 days, each like a premeditated script progression: First week (July 1-7): PIPE financing of $250 million landed, publicly disclosing first batch purchase of about 150,000 ETH; Second week (July 8-14): Added 266,000 ETH, total holdings breaking 560,000; Third week (July 15-21): Added 272,000 ETH, cumulative holdings reaching over 830,000.

These three disclosures did not use quarterly report routine updates, but instead inserted signals to the market through media, official websites, investor relations letters: "We are continuously buying ETH in large scale, and we are the leader of institutional holdings growth."

This method overturned the traditional disclosure logic of treasury companies "waiting for financial report results", shifting to a "Narrative-driven" rhythmic offensive.

More importantly, its building rhythm was highly synchronized with market trends. BitMine's average buying price was not blind sweeping, but "stepping the rhythm" to buy low during market adjustment windows. According to PIPE documents, its average ETH purchase price was $3,491, precisely avoiding stage highs while hitting the sensitive interval before ETH enters a new round of upward channel.

This precise layout was not coincidental, but coordinated with Galaxy Digital's "OTC structure design + on-chain delivery + custody settlement" full tool chain, enabling efficient large-scale ETH absorption without causing drastic price fluctuations.

Simultaneously, BitMine's stock price also explosively grew in sync with its disclosures. Rising from $4 in early July to $41 in early August, over 900% increase. Its total market value jumped from under $200 million to over $3 billion.

More notably, after each BitMine holding update, not only did its stock price rise, but ETH spot market also synchronized volume increase. The market began seeing "BitMine buying - ETH price rising" as a logically related event, further strengthening the Narrative's closed loop.

This "market expectation - structural disclosure - asset purchase - price feedback" positive cycle is viewed by Wall Street as a typical market capitalization reshaping case. The difference is, it not only reshaped company valuation, but also reshaped the market dominance of ETH treasury through Narrative.