35 Days of Buying Spree Totals 5 Billion, Can ETH Really Rise to 15,000?
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35 Days of Buying Spree Totals 5 Billion, Can ETH Really Rise to 15,000?
The ceiling for Ethereum's pricing belongs to the Wall Street capital that tells the best stories.
Navigating Web3 tides with focused insightsBy Lin Wanwan
No one expected the top spot for Ethereum corporate holdings to change hands within just 35 days.
BitMine, the company behind Tom Lee, made it happen: this once-obscure Nasdaq-listed firm leveraged a PIPE financing round and three structured accumulation phases to grow its ETH holdings from zero to 830,000 coins, overtaking SharpLink and becoming the world’s largest ETH treasury.
This isn't just about numbers—it's a clash between two distinct capital lineages. SharpLink, representing "crypto OGs," slowly accumulates and waits for price appreciation. BitMine, embodying "Wall Street power," drives and captures gains during upward momentum. Low cost versus high leverage, hodling mentality versus narrative strategy—this is a direct confrontation of two worldviews.
Their difference isn't merely in how they buy crypto, but in who gets to answer 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 quiet yet profound industry shift from multiple angles.
Why Two Lineages of ETH?
If BitMine represents a Wall Street-style structural raid, then SharpLink embodies the continuation of the "ETH native" logic.
The divergence between these two companies extends beyond holding pace, disclosure methods, and narrative tactics. More importantly, they represent fundamentally different origins and objectives.
SharpLink—the OGs’ coins, accumulated slowly over time. Analyzing SharpLink’s shareholder base reveals nearly full coverage of the Ethereum ecosystem’s capital chain.
The first group is the original faction: Consensys (founded by ETH co-founder Joseph Lubin), which controls core infrastructure like MetaMask and Infura, with Lubin himself serving as chairman of SharpLink’s board. The second group comprises infrastructure players: Pantera, Arrington, Primitive, and others deeply involved in Layer2, DeFi protocols, and cross-chain infrastructure. The third group is the financialization camp: Galaxy Digital, GSR, Ondo Finance, etc., actively operating in institutionalization, derivatives, and custody services for ETH, transforming holdings into manageable, appreciable institutional assets.
This capital alignment not only amplifies SharpLink’s “ETH treasury” narrative but also provides resource leverage in buying, staking, and reducing positions, acting as a bridge for Wall Street to understand ETH.
Early ETH holding patterns reflected this “OG nature”: transfers originated from team wallets rather than public market purchases; individual buys were small but spread over extremely long periods; emphasis was placed on security, liquidity management, and audit coordination.
According to financial reports and on-chain estimates, SharpLink’s ETH acquisition cost ranged between $1,500–$1,800, with some early holdings costing even under $1,000. As a result, the “hodler” faction dominates its shareholder base, so natural selling pressure near $4,000 wouldn’t be surprising.
Moreover, as early as June 12, SharpLink filed an S-ASR document stating that once registration becomes effective, shares can begin to be sold immediately.
This approach isn’t wrong per se, but naturally brings three issues: The OG team’s “hodling” mindset makes them highly sensitive to cost-benefit ratios, making profit-taking likely when prices surge; information flow within OG networks tends to be closed and cautious, discouraging proactive narrative building; prioritizing on-chain operations leads to lagging performance in financial reporting efficiency and capital market operations.
This is precisely why SharpLink appeared half a step behind during Q3 2025, when facing BitMine’s rhythmic “disclose-finance-buy-increase” strategy.
Vitalik Buterin image source: coingecko
In contrast, BitMine entered the ETH space with the full posture of a classic Wall Street player. Its PIPE financing structure itself reeks of financial engineering: using a combination of cash, warrants, and ETH for subscription; involving mainstream U.S. market institutional investors such as Galaxy Digital, ARK Invest, and Founders Fund; transparent token distribution with lock-up periods to stabilize valuation models.
Its board composition further reveals its background—many members come from investment banks, private equity, and hedge funds, well-versed in PIPE financing, regulatory arbitrage, and refinancing cycles. To them, ETH isn’t “digital currency,” but a “priced, tradable, and liquid” new financial asset.
The gap between OGs and Wall Street isn’t just about timing—it’s a conflict of motivations.
This dynamic forced SharpLink to reconsider: Is having only OG-backed ETH enough?
They seem to have offered a new answer—starting August 7, they began introducing new Wall Street institutional investors into their $200 million registered private placement.
This marks a “power transfer” in the Ethereum narrative—from the hands of OGs to those who can clearly explain financial statements, craft compelling stories, and execute structured strategies.
The future may not belong solely to BitMine, but it’s clear: the next round of ETH price leadership will no longer be determined by crypto OGs, but by whoever controls the narrative structure and secures more Wall Street funding—whoever holds more “narrative chips.”
How to Seize the Top ETH Spot in 35 Days?
On July 1, 2025, BitMine held zero ETH. By August 5, it disclosed holdings of 833,137 ETH. In just 35 days, this previously unknown company with no crypto profile transformed into the “world’s largest Ethereum treasury,” surpassing SharpLink.
What exactly did BitMine do?
BitMine’s execution was remarkably precise. Throughout its 35-day explosion, it issued rhythmic announcements roughly every seven days—each move felt like a scripted progression: Week One (July 1–7): Closed $250 million PIPE financing, publicly disclosing initial purchase of ~150,000 ETH; Week Two (July 8–14): Added 266,000 ETH, total holdings exceeding 560,000; Week Three (July 15–21): Purchased another 272,000 ETH, cumulative holdings surpassing 830,000;
These disclosures didn’t follow quarterly report updates but were strategically inserted via media, official website, and investor letters to send a clear message: “We are continuously buying ETH at scale, and we are leading institutional ownership growth.”
This approach overturned the traditional treasury model of “wait-for-financials-to-reveal-results,” shifting instead toward a “narrative-driven” offensive rhythm.
More importantly, its accumulation pace closely aligned with market trends. BitMine didn’t blindly buy; it used market corrections to time low-entry points. According to the PIPE filing, its average ETH purchase price was $3,491—avoiding short-term peaks while catching ETH before entering a new upward channel.
This precision wasn’t accidental. It was enabled by a full toolchain provided by Galaxy Digital—including OTC structure design, on-chain settlement, and custodial clearing—allowing efficient absorption of large ETH volumes without triggering sharp price swings.
Simultaneously, BitMine’s stock price exploded alongside its disclosures, surging from $4 in early July to $41 in early August—a gain of over 900%. Its market cap jumped from under $200 million to over $3 billion.
Even more striking: after each BitMine holding update, not only did its stock rise, but ETH’s spot market also saw synchronized volume and price increases. Markets began treating “BitMine buying → ETH price rise” as a causally linked event, further reinforcing the narrative loop.
This positive cycle of “market expectation → structured disclosure → asset purchase → price feedback” is seen by Wall Street as a textbook case of market-cap reengineering. But uniquely, it didn’t just reshape company valuation—it used narrative to redefine market dominance in ETH treasuries.
BitMine is no longer just a coin-holding company; it’s becoming a central node in Ethereum’s institutional architecture. Rather than waiting for market recognition, it actively manufactures that recognition through timing, disclosure, messaging, structure, and pricing models.
In one sentence: This wasn’t a “wait-to-rise” accumulation, but a “force-the-rise” structure.
From nothing to something, from buying coins to inflating valuation, from disclosure to price leadership—BitMine delivered a template for “structural appreciation” in just 35 days.
And it might just be the first financial prototype to emerge in the next Ethereum bull cycle narrative.
Tom Lee: The New Kingpin’s Spokesman
As co-founder and research head of Fundstrat Global Advisors, Tom Lee is one of the most influential bridges between U.S. equities and crypto markets. He understands macro data, excels at舆论 manipulation, and above all, knows how to make “rising prices” sound both logical and appealing.
His fame doesn’t come from prediction accuracy, but from high frequency, strong narratives, and dominant positioning. The popular saying goes: “Tom Lee may not be right, but he’s always early, loud, and memorable.”
His signature tool is the Bitcoin Misery Index (BMI)—a “market sentiment indicator” he designed, quantifying market “pain levels” by combining trading volume, returns, and volatility.
The index’s real value lies not in predicting price moves, but in providing “data-backed” justification for his bullish calls. For example: When BMI is very low (<27), he declares “this is the bottom for long-term holders”; when BMI is very high (>80), he claims “a structural bull market has arrived”; if prices fall, he says “sentiment hasn’t fully released”; if prices rise, he says “on-chain structure is healing.”
Win or lose, he has a story; bull or bear, he stays bullish.
Tom Lee image source: coingape
Tom Lee’s “structured pumping” style has several distinct features.
Always offering a new target price. He predicted in 2017 that Bitcoin would “hit $250,000 by 2022,” then revised it to “$200,000 by 2024” in 2021; when markets underperformed, he cited halving cycles, inflation adjustments, and Fed policy to “delay” expectations while upgrading his logic.
Platform synergy + frequent appearances. A regular on CNBC’s *Fast Money* and Bloomberg’s commentator roster; his Twitter (@fundstrat) posts almost daily, with YouTube interviews and short video summaries spreading his views; he regularly publishes chart-rich data digests on Fundstrat’s website for media reuse.
Moving retail with emotion, institutions with narrative. Retail investors listen for bottoms; institutions listen for structure. Within one framework, he generates psychological expectations for diverse audiences, creating “nested narratives.” For instance, during price crashes, he repeatedly emphasized the “institutional buying window” while urging retail to “not miss the pre-halving entry point.”
Shifting from forecaster to belief architect. He doesn’t just say “it will rise”—he explains “the rise is structurally sound,” “ETH will become the new anchor for tech stocks,” “BTC is the next-gen digital gold.” He transforms outcome-based bullishness into faith-based asset revaluation.
And in shaping the Ethereum narrative during 2024–2025, Tom Lee emerged once again as a key driver. He didn’t just say ETH will rise—he declared “ETH will become part of corporate balance sheets,” directly providing rhetorical cover for narrative-driven plays like BitMine.
In BitMine’s rise, we see deep traces of Tom Lee’s playbook: using “structural metrics” like ETH-per-share to assess fundamentals; applying “cycle logic” to justify rapid price increases; using “institutional entry” to mask aggressive, high-cost buying strategies.
Tom Lee is unquestionably the king of narrative—not because he sees correctly, but because he speaks loudly.
Epilogue
In traditional finance, asset prices are determined by earnings and cash flow. But in today’s crypto world, price often precedes value, and narrative frequently drives valuation.
BitMine’s rise isn’t just about adding a line item to a corporate balance sheet—it’s a narrative reconstruction around “how to make institutions understand ETH.” SharpLink clings to old logic, slowly accumulating on-chain. BitMine dances to the rhythm of structure and sentiment, swiftly executing a “consensus handover.”
This isn’t about who’s more honest, but who can more quickly, clearly, and structurally reframe “crypto assets” as “financial assets.”
Beneath this lies an even larger narrative race quietly brewing: Who will become ETH’s long-term valuation anchor on Wall Street? Who will establish the next mainstream “ETH-per-share” model? Who can turn liquidity narratives into structural revenue? And ultimately, who will dominate institutional pricing power in the next era?
The market will decide. But one thing is certain: This battle for Ethereum treasuries is no longer just a relay of on-chain faith.
The ceiling for Ethereum’s price is no longer set by the earliest bulls, but by the most persuasive Wall Street capital.
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