No one expected the leader in institutional Ethereum holdings to change hands in just 35 days.

BitMine, led by Tom Lee, accomplished exactly that. The once-obscure Nasdaq-listed company capitalized on PIPE financing and three rounds of structured accumulation to ramp up its ETH holdings from zero to 830,000 coins, outpacing SharpLink and taking the top spot as the largest ETH treasury globally.

This was more than a competition in numbers—it was a contest between two fundamentally different capital models. SharpLink, representing the “crypto veterans” perspective, steadily accumulated coins and waited for price appreciation. BitMine, embodying Wall Street’s approach, drove the narrative to expedite gains. Low cost versus high leverage, a holding mindset versus a narrative-driven strategy—each reflects a distinct worldview, now facing off.

Their differences go beyond how they buy ETH; they’re racing to answer a larger question: In the next stage of crypto finance, who has the authority to set ETH’s price?

We’ve examined this dramatic industry shift from multiple perspectives.

Why Are There Two ETH Lineages?

If BitMine represents a Wall Street-inspired strategic incursion, SharpLink stands for the logic of ETH’s original community.

The contrast between these two companies isn’t just in their accumulation rhythm, disclosure practices, or narrative playbooks. Most importantly, they reflect entirely different backgrounds and objectives.

SharpLink—long-term holders have held their coins so long they’ve become slow to act. SharpLink’s shareholder lineup covers almost the entire spectrum of capital within the Ethereum ecosystem.

The first group is the original ETH camp: Consensys (founded by ETH co-founder Joseph Lubin) controls major infrastructure like MetaMask and Infura, with Lubin serving as chairman of SharpLink’s board. The second is the infrastructure camp: Pantera, Arrington, Primitive, and others focused on Layer2, DeFi protocols, and cross-chain infrastructure. The third is the financialization camp: Galaxy Digital, GSR, Ondo Finance, and others, who run institutional, derivatives, and custody businesses around ETH, turning holdings into managed, yield-generating institutional assets.

This capital ecosystem not only supports SharpLink’s “ETH treasury” narrative, but also provides leverage for its buying, staking, and divestment strategies, serving as a bridge for Wall Street to grasp the ETH story.

SharpLink’s initial ETH holding strategy reflects these crypto veteran attributes: funds came from internal wallet transfers, not open market purchases; buying volumes were small per transaction but spread out over a long period; with rigorous focus on safety, liquidity management, and audit readiness.

According to financial statements and on-chain estimates, SharpLink built its ETH position at $1,500–$1,800 on average, with some early holdings below $1,000. That’s why its shareholder base is mostly “holders,” and it’s no surprise that natural sell pressure emerges when prices approach $4,000.

Moreover, as of June 12, SharpLink submitted an S-ASR filing, which allows shares to be sold immediately after registration becomes effective.

This path isn’t inherently flawed, but it comes with three natural drawbacks: OG teams tend to focus on cost-benefit ratios, making them likely to sell during rapid price run-ups; the OG network operates in closed, cautious information loops, reluctant to proactively advance the narrative; their focus on on-chain operations slows financial reporting and capital market engagement.

This explains why in Q3 2025, SharpLink lagged BitMine’s more agile “disclosure–financing–accumulation–price momentum” strategy.

Vitalik Buterin, image credit: coingecko

In contrast, BitMine arrived in the ETH field as Wall Street’s quintessential capital player. Its PIPE deal was pure financial engineering—a mix of cash, warrants, and ETH subscriptions; participants included major U.S. investors like Galaxy Digital, ARK Invest, and Founders Fund; token allocation was transparent, with lock-up periods to support reliable valuation models.

The company’s board includes veterans of investment banking, private equity, and hedge funds—experts in PIPE deals, regulatory arbitrage, and cyclical refinancing. For them, ETH isn’t just “digital currency,” but a new class of financial asset that’s priced, traded, and convertible.

The rift between crypto veterans and Wall Street is about motivation as much as pace.

That’s why SharpLink started questioning whether only veteran-held ETH was enough.

They seem to have found a new answer—on August 7, they welcomed institutional investors from Wall Street for a $200 million registered direct offering.

This marked a transfer of narrative power in Ethereum: from veterans to capital that understands finance, storytelling, and structure.

BitMine may not always dominate, but what’s clear is that ETH’s next price leadership won’t be determined by old-school veterans. Whoever masters the narrative structure and attracts Wall Street capital will hold the majority of narrative leverage.

How Did BitMine Seize the ETH Crown in 35 Days?

On July 1, 2025, BitMine held zero ETH; by August 5, its reported holdings shot up to 833,137 coins. In just 35 days, this former industry unknown became the world’s largest Ethereum treasury, overtaking SharpLink.

Here’s how BitMine executed.

BitMine’s moves were meticulously timed. Over its 35-day surge, it issued announcements almost weekly—each one progressing as if on a prewritten script: Week 1 (July 1–7): $250 million PIPE financing closed, with the first purchase of about 150,000 ETH; Week 2 (July 8–14): an additional 266,000 ETH procured, bringing holdings past 560,000; Week 3 (July 15–21): another 272,000 ETH added, raising the total above 830,000.

Instead of routine quarterly updates, these disclosures were pushed through media coverage, corporate website, and investor communications—to ensure the message was clear: “We’re buying ETH on a massive scale, and we’re leading institutional accumulation.”

This broke with treasury company tradition—abandoning the “wait for reports” model in favor of a narrative-driven strategy.

What’s more, BitMine’s accumulation was closely aligned with market cycles. Rather than indiscriminate buying, it strategically bought ETH during price corrections. PIPE filings confirmed an average ETH purchase price of $3,491—sidestepping local peaks and catching ETH just before another rally.

This smart positioning was powered by Galaxy Digital, which provided a full toolkit—OTC structuring, on-chain settlement, and custodial services—allowing BitMine to build a large ETH position efficiently without dramatic price impacts.

At the same time, BitMine’s share price soared alongside its public announcements—from $4 in early July to $41 in August, gaining more than 900%. Its market cap jumped from under $200 million to over $3 billion.

Equally noteworthy, following each BitMine holding update, its stock and ETH’s spot price surged together. The market started to link “BitMine buys—ETH price rises” as a logical sequence, reinforcing the narrative loop.

This virtuous cycle—market expectation, public disclosures, asset accumulation, price feedback—is considered by Wall Street a textbook case of market cap reinvention. But BitMine didn’t just reshape company valuation—it redefined the narrative power around ETH treasuries.

BitMine isn’t just another ETH-holding company; it’s becoming the central hub for institutional ETH structuring. Instead of waiting for market validation, BitMine engineered acceptance—through rhythm, disclosure, messaging, structure, and valuation frameworks.

This was no passive accumulation; it was an engineered price push.

From zero holdings to valuation driver, BitMine carved out an institutional accumulation framework in just 35 days.

It could well be the earliest financial archetype for Ethereum’s next bull narrative.

Tom Lee: Spokesperson for the New Market Makers

As co-founder and research chief at Fundstrat Global Advisors, Tom Lee stands out as the leading voice connecting U.S. equity markets with crypto. Lee excels at both macro analysis and media strategy—and most importantly, he’s a master at making bullish narratives sound credible and compelling.

Lee’s reputation isn’t built on pinpoint accuracy, but on high-frequency, high-impact messaging. As the saying goes, “Tom Lee doesn’t have to be right—he just has to be memorable and ahead of the curve.”

His flagship tool is the Bitcoin Misery Index (BMI), a sentiment gauge he designed that uses trading volume, returns, and volatility to quantify market pain.

BMI’s real value lies not in predicting price, but validating Lee’s bullish takes. For example: a BMI below 27 signals “a bottom for long-term holders”; above 80 means “a structural bull run is underway.” If prices drop, he says “sentiment isn’t fully flushed”; if prices rise, “on-chain structure is healing.”

Regardless of market direction, Lee consistently maintains a bullish perspective.

Tom Lee, image credit: coingape

Lee’s “structural bull calls” feature several notable patterns.

He always introduces a new price target. In 2017, Lee projected Bitcoin would reach $250,000 by 2022, then in 2021, revised to $200,000 by 2024. If the market lags, he cites halvings, inflation, or Fed policy to delay the target—always updating the supporting logic.

He maximizes platform synergy and frequent appearances—regular on CNBC’s Fast Money, a mainstay Bloomberg commentator, and daily updates on Twitter (@fundstrat), plus YouTube interviews and chart-driven insights; he routinely posts data-driven summaries on Fundstrat’s website for media pickup.

He uses emotion to mobilize retail investors and narrative to engage institutions. Retail listens for bottom calls; institutions look for structural signals. Lee crafts multi-layered narratives tailored to each audience. For example, during crashes, he emphasizes “institutional buy windows” while urging retail “not to miss the pre-halving entry.”

He has transitioned from forecaster to narrative architect. It’s not just “prices will rise”—he explains “the structure supports it,” calls ETH “the new tech stock anchor,” and positions BTC as “digital gold.” Lee turns bullish outcome calls into belief-driven asset revaluation.

In the 2024–2025 Ethereum narrative, Lee is again a crucial influencer. He not only says ETH is a buy—he asserts “ETH will become part of corporate balance sheets,” directly supporting the kind of narrative-driven strategies BitMine employs.

BitMine’s surge repeatedly shows Lee’s messaging fingerprints: using “structural metrics” like ETH-per-share, applying “cycle logic” to justify rapid gains, and masking aggressive high-cost tactics behind “institutional entry.”

Tom Lee is the king of narrative—not for accuracy, but for impact.

Conclusion

In traditional finance, asset prices follow earnings and cash flow. In crypto, price often leads value, with narratives shaping valuations.

BitMine’s ascent isn’t just a balance sheet shift—it’s a complete narrative reset around “how institutions interface with ETH.” SharpLink stuck with slow, on-chain accumulation; BitMine leveraged structured deals and sentiment cycles to rapidly engineer a “consensus handoff.”

The key question isn’t who’s more honest—it’s who can more quickly and effectively reframe crypto assets as financial assets.

Behind the scenes, an even bigger narrative race is underway: Who will anchor ETH’s long-term valuation for Wall Street? Who will craft the standard ETH-per-share model? Who can turn liquidity storytelling into stable revenue? Who will ultimately set the terms for institutional ETH pricing?

The market will decide. One thing is clear—the Ethereum treasury battle is no longer just about on-chain faith.

The ceiling for ETH pricing doesn’t belong to the first veteran bulls—it’s held by Wall Street’s master storytellers.

Disclaimer:

1. This article was republished from BlockBeats. Copyright: Lin Wanwan. For concerns regarding republication, please contact the Gate Learn team, which will handle any issues promptly, following the relevant procedures.
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