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 Friends, when we discuss the changes in the cryptocurrency market, what exactly are we discussing? Is it the rise and fall of the K-line, the noise of the community, or the birth and death of another "local dog" project? Today, I want to show you a huge iceberg beneath the water—a profound change that is quietly reshaping the foundation of Ethereum’s value. This is not about short-term price predictions, but a grand narrative about power, capital and the future. The latest on-chain data shows that an astonishing critical point is approaching: the total amount of ETH jointly held by global listed companies, enterprises, government agencies, and Wall Street's new favorite - spot Ethereum ETF, has reached an astonishing 9.72%. You read that right, nearly one-tenth of Ethereum has flowed from the hands of retail investors and early players into the pockets of "smart money" in suits and ties. What is this concept? This means that of the total circulating supply of approximately 120 million Ethereum, more than 11.6 million ETH has been "locked" on the balance sheets of institutions and ETFs. Among them, ETF giants hold about 6.7 million, while various institutions hold 4.91 million. In this silent capital migration, a name rose like a comet and shocked the entire market - Bitmine Immersion Tech (BMNR). This company now holds 2.15 million Ethereum, surpassing the Ethereum Foundation, SharpLink and other established giants in one fell swoop, becoming the world's largest single ETH holding entity. The whale is coming. But this time, it is not a mysterious anonymous address, but a "regular army" listed on the New York Stock Exchange and with a strong Wall Street background. What exactly is happening behind this? Why is the 10% critical point so important? And how will the new "King of Ethereum" Bitmine, with its on-chain strategy and ambitions, disrupt the future market structure? The Big Picture: Across the 10% Rubicon, Ethereum’s Ownership Revolution “10%” is never an insignificant number in the financial world. It often means a qualitative change from "alternative assets" to "mainstream allocation". When one-tenth of an asset class is held by institutions and regulated financial products, it has truly crossed the Rubicon and gained “legitimacy” certification from the traditional financial world. What Ethereum is experiencing is precisely such a profound ownership revolution. The acceleration of this revolution begins with the approval of the US spot Ethereum ETF in 2025. It's like opening the floodgates for traditional capital to flow into the crypto world. The data clearly demonstrates the rapidity of this trend: Only two months ago, in July 2025, institutional entities holding more than 100 ETH were counted to hold a total of approximately 1.87 million ETH. By mid-August, this number expanded rapidly, and the proportion of ETH held by ETFs and corporate treasury reached 7.98%, of which ETF holdings exceeded 6.15 million. Today, this proportion has reached 9.72%, approaching the 10% mark. Behind this, Wall Street giants such as BlackRock and Fidelity, which manage trillions of assets, provide pension funds, hedge funds and high-net-worth customers with a compliant and convenient Ethereum investment channel through ETF products. Analysts predict that the ETH ETF may eventually attract nearly $10 billion in capital inflows, but what we are seeing now may be just the beginning. Institutions no longer view Ethereum as merely complementary to Bitcoin. They see the unique dual value of Ethereum: it is not only the "digital oil" that supports decentralized applications (DApps) and the smart contract economy, but also a value storage tool with deflation potential - an alternative "digital gold". What’s even more attractive is that through staking, institutions can also obtain stable passive income, which is extremely attractive in today’s low interest rate environment. Therefore, what we see is not just an increase in numbers, but also a gathering of consensus. From Goldman Sachs to Morgan Stanley, top players in traditional finance are embracing Ethereum like never before. This “coin hoarding” movement led by institutions is fundamentally changing the supply and demand relationship of Ethereum. The protagonist appears: Who is Bitmine? A "giant whale" that stirs up the market” Amid this institutional frenzy, the story of Bitmine (BMNR) is particularly dramatic. It is not the technology giant or traditional financial giant we are familiar with, but a listed company focused on long-term investment in cryptocurrency. Its business model is more like Berkshire Hathaway in the encryption world. Its strategy is simple and crude, but extremely effective: following MicroStrategy's "Bitcoin Reserve" model, by financing in the capital market, and then using the funds to buy and hold Ethereum on a large scale for a long time. Let’s take a look at how this “giant whale” has risen in just a few months: On July 18, the market first noticed Bitmine, when its holdings had just exceeded 300,000 ETH, surpassing the Ethereum Foundation and becoming the largest institutional holder at the time. On July 23, its holdings data were updated to 300,000 coins, already beating out many established institutions. In August, its holdings soared like a rocket, with data showing that its holdings have exceeded 1.15 million, 1.2 million and even 1.5 million ETH. By mid-September, the latest data showed that Bitmine’s ETH reserves had reached an astonishing 2.151 million. Behind this jaw-dropping speed of accumulation is its strong capital operation capability. For example, in July 2025, the company announced the completion of a private placement of up to US$250 million, and the sole purpose of the funds was to purchase more ETH. Even more frightening is its ambition. Bitmine’s management has publicly announced that their long-term goal is to “acquire and stake 5% of the total global circulating Ethereum supply.” If this goal is achieved, it means that they will eventually hold approximately 6 million ETH, which is almost equal to the total holdings of all ETFs currently! Bitmine’s on-chain strategy can be summarized as “three axes”: Public market financing: Using its status as a public company to continuously raise "ammunition" from Wall Street. Its shareholder list includes many top institutional investors, which provides it with continuous financial support. Continuous spot buying: Invest the raised funds into the Ethereum spot market without hesitation and implement a continuous, large-scale purchase plan. Long-term pledge locking: By pledging the purchased ETH, you can not only obtain network rewards and further increase your holdings, but more importantly, remove a large amount of ETH from the circulation market, achieving long-term locking. Butterfly Effect: How will the market "shock" when giant whales enter the market? When nearly 10% of the world's Ethereum is locked by institutions, and when one entity plans to swallow up 5% of the supply, this is not just a numbers game. It is like a huge butterfly flapping its wings, which will trigger a series of profound market "shocks" in the next few years. 1. Epic “Supply Shock” This is the most direct and easily understood impact. Imagine that the total amount of ETH available for trading on the market is decreasing at a rate that is visible to the naked eye. Bitmine’s 2.15 million, plus millions from other institutions, and nearly 7 million held by ETFs, most of these ETH will be held for a long time, or even pledged on the beacon chain, and will not enter the circulation market for a few years. This artificial scarcity will greatly change the supply and demand balance of Ethereum. When demand (from new institutions, retail investors and DApp users) remains unchanged or even increases, the sharp reduction in circulating supply will form an extremely strong support for prices and may even become one of the core driving forces of the next bull market. 2. The emergence of “whale bottom” and the improvement of market stability In the past, crypto markets have been volatile due to a lack of participation from large institutions. Now, the continued buying behavior of "giant whales" like Bitmine actually provides an invisible "price bottom" for the market. Their buying cost lines will become important psychological and technical support levels for the market. At the same time, the long-term holding strategy of institutional investors is in sharp contrast to the pursuit of gains and losses by retail investors, which will greatly enhance the depth and stability of the market, reduce the possibility of extreme fluctuations, and make Ethereum more attractive as an asset class. 3. Centralization concerns and governance challenges Of course, there are two sides to everything. The carnival of capital has also brought new worries. When a single entity like Bitmine moves towards its goal of holding 5% of ETH, concerns about “centralization” inevitably surface. Although this is a different concept from the centralization of the consensus mechanism, such a huge position, especially after staking, will undoubtedly give it a huge voice in network governance and ecological development. 4. Supervision Such large-scale institutional positions will inevitably attract more stringent scrutiny from regulatory agencies. Institutions such as the U.S. Securities and Exchange Commission (SEC) will pay close attention to the positions and information disclosures of these companies and the potential risks their actions pose to the market. Bitmine itself also faces risks such as stock price fluctuations and equity dilution caused by additional issuances. Your support and attention are our biggest motivation to continue to produce better works! thank you all~  |
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