以太坊庫存企業激增：誰擁有最多ETH，對以太坊市場意味著甚麼

一股新潮流正席捲加密貨幣及企業界：上市公司正大規模累積以太幣（ETH）作為企業庫存，就如MicroStrategy 先前大量購入比特幣一樣。就連以太坊聯合創辦人Vitalik Buterin也審慎歡迎這動向，指企業持有ETH，有助吸引更廣泛投資者參與。當這些公司把ETH納入資產負債表時，事實上就是讓股東受惠於以太坊升值，而毋須直接持有加密貨幣。

這一現象標誌著機構參與加密貨幣的一個重大轉捩點。直至最近，比特幣一直是企業願意納入庫存的主要資產，如今以太幣——作為全球市值第二大的加密貨幣——在以太坊轉型至權益證明（PoS）後，變得極受企業追捧，原因是ETH可以質押賺取收益。過去數月，數十家公司累積了數百萬枚以太幣，催生出「以太坊庫存企業」的新類別。這股趨勢與ETH今年強力反彈同時出現，形成了協同效應：企業收購以太幣推高價格，價值上升又驗證了這個策略。事實上，ETH自4月低位大升逾160%，近期交易價格約為3,870美元，分析師亦將此波升勢部分歸因於機構信心上揚及大規模庫存收購。

然而，企業積極進場囤積ETH亦帶來風險。Vitalik Buterin原則上支持此趨勢，但警告切勿令以太坊庫存變成「過度槓桿的遊戲」，否則可能危及整個以太坊穩定。他擔心企業若透過高槓桿借貸去買ETH，或利用複雜的槓桿策略，一旦價值急跌，或導致連鎖清算，傷及公司及整個市場。Buterin在最近接受訪問時強調：「以太坊的未來不可建立在過度槓桿之上。」這種一體兩面的局勢，令以太坊庫存趨勢成為投資者不可忽視的重點。

本文將深入剖析以太坊庫存企業：目前有哪些公司在資產負債表上持有最多ETH？他們為何要積極收集以太幣？Vitalik對這股趨勢的潛在風險到底說了甚麼？此趨勢又會怎樣影響ETH未來價格及以太坊生態圈？我們會盤點頂尖持有者——從加密初創、公眾公司到非牟利基金會——並分析他們的策略如何影響以太坊的發展，所有資料均來自可靠及最新來源。

最大的以太幣庫存：頂尖ETH持有人

以太坊網絡流通的ETH約有1.2億枚，當中越來越多由企業或機構庫存持有。上市公司及其他機構合共儲備了接近300萬枚ETH（約值120億美元）。以下是頂尖持有者——以太坊庫存領域的「巨鯨」們及其身份：

圖表說明：截至2025年8月，最大的12個以太坊庫存持有者，按持有ETH數量排序。榜首包括BitMine Immersion、SharpLink Gaming，其次有The Ether Machine、以太坊基金會及PulseChain網絡的犧牲地址。這些機構合共佔據企業及機構庫存以太幣的相當份額。

BitMine Immersion Technologies（BMNR）——超過833,000枚ETH：以太坊庫存之冠由位於拉斯維加斯的BitMine Immersion Technologies奪得，該公司只花了一個多月就從無到有躍升至榜首。現時BitMine約持有833,000枚ETH，以現價計約值32億美元，這驚人的規模佔所有流通以太坊的0.6%以上。這批資產自2025年6月底開始閃電式地積累，BitMine原本經營加密礦業及基建業務，後來轉型為「以太坊庫存企業」策略，運用募集資金大手買入以太幣。公司於7月8日完成2.5億美元私募後旋即展開掃貨戰，僅35日內便由零持有晉身全球ETH庫存榜首。

BitMine的資產累積快又高調，董事長Tom Lee（華爾街知名策略師，Fundstrat Global Advisors創辦人）對以太坊極為看好。他自稱團隊「快如閃電」推進策略，目標是達至「5%的鍊金術」——即收集全球5%的以太幣。此舉意味要持有大約600萬枚ETH，雖遙不可及但足見野心。Lee強調：「我們已在以太坊企業庫存領域展現獨特競爭力，無論以每股淨資產累積速度，還是股份高流通性。」BitMine自宣布策略轉型後，股價亦急升——由6月底時約4美元攀升至8月初超過30美元，說明股東視其股份為ETH的替身。BitMine現已成為公開持有庫存中以太坊持幣量第一公司，自稱也是全球三大加密庫存之一（僅次持比特幣較多的MicroStrategy和Marathon Digital）。這項業務吸引多位大戶支持，包括比特幣牛人Bill Miller III、Cathie Wood的ARK Invest及Peter Thiel的Founders Fund。Miller更形容BitMine的策略仿效「Michael的藍圖」，即MicroStrategy 行政總裁Michael Saylor動用公司資金掃幣的模式。簡而言之，BitMine已成為「以太坊界MicroStrategy」，帶領企業大手收購以太幣。

SharpLink Gaming（SBET）——約522,000枚ETH：第二位是SharpLink Gaming，一家納斯達克上市企業，近年亦轉型為以太坊持有工具。SharpLink現持有超過520,000枚以太幣，價值約20億美元。BitMine崛起前，SharpLink曾是全球最大ETH庫存公司，如今穩踞亞軍。該公司積極集資壯大ETH儲備，2025年8月甚至向機構投資者發行2億美元新股專注買入ETH。聯席行政總裁Joseph Chalom宣布集資時稱：「SharpLink很榮幸與全球知名機構投資者合作……認同我們成為全球ETH庫存領袖的使命。」近期SharpLink再動用3.04億美元購入約83,000枚以太坊，股份總數提高至約521,939枚。新資本有望令其持幣總值突破20億美元，鞏固僅次於BitMine的地位。

SharpLink本身背景亦相當有趣——原為網上體育博彩及遊戲業務，現在華麗轉身做加密貨幣投資，策略與BitMine相似：集資後調配資金大舉收購以太幣，認為ETH長遠升值和收益潛力高於其他資本用途。隨著將ETH列入資產負債表，SharpLink亦為股票投資者提供間接參與以太坊行情的渠道。這一策略讓SharpLink在加密貨幣圈打響名堂。截至2025年8月，SharpLink在公開市場上的以太幣持有量排名第二，管理層也明言有意與BitMine激烈競爭。

The Ether Machine（DYNX／“ETHM”）——約345,000枚ETH：第三大ETH庫存企業為新晉的The Ether Machine，正商討通過SPAC合併上市。The Ether Machine有望於納斯達克以“ETHM”為代號掛牌，背後資金來自Blockchain.com、Kraken、Pantera Capital等知名加密投資者。其目標是成為全球最大供機構投資者參與以太坊的公開工具——自首次亮相數星期內，已累積約345,000枚ETH（約值13億美元）。新聞稿指，截至2025年8月初，The Ether Machine旗下子公司已購買超過345,362枚ETH，屬長線持有策略一部份。

The Ether Machine不僅持幣，還積極投入以太坊生態。「我們的使命是買入、質押、重質押以太幣，把它們全部在鏈上運作，並向公眾市場全透明展現。」共同創辦人及主席Andrew Keys曾與以太坊聯合創辦人Joe Lubin關係密切，他把The Ether Machine定位為「以太坊收益及基礎設施公司」。其目標是透過質押賺取區塊鏈安全網絡獎勵及參與去中心化金融（DeFi）賺息，並向股東全透明披露。The Ether Machine 由收購殼公司Dynamix Corp（NASDAQ: DYNX）合併成立，2025年7月公布交易時計劃集資超過16億美元專做ETH購入。預計合併於2025年底完成後，The Ether Machine會以“ETHM”上市，公司一開始即持超過40萬枚以太幣。現階段，其約34.5萬枚以太幣已讓它穩居第三大庫存席位。基金支持者指出以太坊的獨特優勢——「比特幣沒有收益」 and Ether does,” Keys noted, emphasizing how staking and on-chain income make ETH an attractive asset to hold. With heavyweights like Pantera and Kraken behind it, The Ether Machine is set to be a major institutional conduit into Ethereum.

Keys指出：「正因如此，ETH的質押和鏈上收息功能令其成為一項吸引的持有資產。」隨著Pantera和Kraken等大機構支持，The Ether Machine 將成為以太坊機構資金流入的重要渠道。

Ethereum Foundation – ~232,600 ETH: Not all large Ether holders are for-profit companies. The Ethereum Foundation (EF) ranks high on the list with about 232,600 ETH (worth roughly $900 million) in its treasury. The Ethereum Foundation is a nonprofit organization that supports Ethereum protocol development, and it has held a significant ETH treasury since Ethereum’s earliest days. These funds largely originate from the Ethereum pre-mine and early sales that funded development – effectively, it’s the war chest for Ethereum’s core development and ecosystem grants. The EF periodically spends or sells portions of its ETH to fund research, development, and grants for the community. In fact, the foundation has become famous (or infamous) for timing its ETH sales near market peaks – for example, it sold substantial ETH at the top of the 2017 bull run and again in November 2021, moves that some traders took as top signals. As of 2025, the EF still holds a hefty stack, but notably less than it once did (having distributed a lot to developers and projects over time). While not a public company, the EF’s treasury is closely watched as an indicator of Ethereum’s financial health. Its inclusion among top holders shows that the network’s stewards themselves maintain significant exposure to ETH’s long-term value.

以太坊基金會（Ethereum Foundation） – 約232,600個ETH：並非所有大額以太幣持有人都是牟利公司。以太坊基金會（EF）作為非牟利組織，持有約23.26萬個ETH（市值約9億美元），位列領先。而以太坊基金會自以太坊初期起就一直持有大量ETH資金池，這些資金主要來自早期私募及預挖，為以太坊生態發展提供「彈藥箱」。EF定期動用或沽出部分ETH，用作研發及發放生態撥款。事實上，基金會賣幣時機往往貼市頂而聲名大噪——例如2017年牛市高位及2021年11月皆有大額拋售，對部分炒家來說甚至成為見頂信號。截至2025年，EF仍然坐擁大量ETH，但較最頂峰時已少不少（這些年來大量撥給開發者和生態項目）。雖然EF不是上市公司，但他們資金池的動向一向被看作以太坊財政健康的指標。EF之所以名列大戶行列，也反映以太坊守護者本身對ETH長線價值的持續重注。

PulseChain “Sacrifice” Wallet – ~166,300 ETH: Rounding out the top five is a rather unusual entry: the PulseChain Sacrifice wallet, holding about 166,300 ETH (approximately $640 million). PulseChain is a controversial Ethereum fork project launched by crypto personality Richard Heart. In 2021–2022, PulseChain conducted a so-called “sacrifice” phase in which supporters sent in Ether (and other coins) ostensibly to show their commitment to the project, and in return they were promised PulseChain tokens. The result was that a single address associated with PulseChain’s launch amassed a huge sum of ETH. That “sacrifice” address still holds those contributed Ether – making it one of the largest ETH stashes in existence. Essentially, this is crowdfunded ETH sitting dormant; its status is a bit murky, since it isn’t a corporate treasury in the traditional sense, and the PulseChain founder has not clarified any official plans for it (some speculate it’s effectively under his control). Nonetheless, this wallet is tracked by treasury indexes due to its size. It reflects how even crypto projects and founders can end up as de facto large Ether holders. The PulseChain wallet’s inclusion in the top five shows that not only companies, but also crypto networks and their founders can accumulate massive Ether holdings – though in this case, that ETH was raised from the public rather than purchased on the market.

PulseChain「犧牲」錢包 – 約166,300個ETH：第五大持有者相當特別，就是PulseChain「犧牲」錢包，現持有約16.63萬個ETH（約6.4億美元）。PulseChain是Richard Heart發起的以太坊分叉項目，曾在2021-2022年間舉辦「犧牲活動」，讓支持者轉入ETH和其他幣作為「對項目的承諾」，之後承諾發放PulseChain代幣。結果，與PulseChain啟動相關的單一地址囤積了巨量ETH。該「犧牲」錢包至今仍持有所有募集ETH，因此成為全網最大ETH錢包之一。嚴格來說，這批ETH等同眾籌資金閒置狀態，性質比較模糊——既非傳統企業資金池，PulseChain創辦人又一直未公布明確用途（不少人估計實際操控權在他手中）。儘管如此，單憑數量也令該錢包被列入資金池統計榜單。這突顯了不單公司，連加密項目或創辦人都可能成為超級以太幣巨鯨——當然這批ETH是從公眾募得，而非直接市場購入。

Beyond the top five, several other notable Ether holders appear on the treasury leaderboard:

除了上述五大之外，還有多個重要以太坊持有者登上資金池排行榜：

• Coinbase Global (COIN) – ~136,800 ETH: Coinbase, the leading U.S. crypto exchange, holds a significant amount of ETH on its corporate balance sheet – about 137k ETH (roughly $500+ million). As a public company, Coinbase discloses its own crypto investments; however, this figure is small relative to the billions of dollars of customer ETH it custodies. Coinbase’s inclusion here represents exchange reserves or corporate investments in ETH, separate from client assets. It suggests Coinbase keeps a portion of its treasury in crypto as a strategic investment (much as it holds Bitcoin on its balance sheet). Coinbase is unique on this list as its core business is not an ETH investment vehicle but an exchange; still, its holdings put it among the top ten.

• Coinbase Global（COIN）– 約13.68萬個ETH：美國最大加密交易所Coinbase，公司資產表上持有約13.7萬個ETH（市值超過5億美元）。作為上市公司，Coinbase會披露自家加密投資。不過，這數字比起其為用戶保管逾十億美元的ETH僅屬小巫見大巫。榜上數據指的是Coinbase自身資金池或企業持倉（與客戶資產獨立），可見其以加密資產作長線戰略投資（如同持有比特幣）。雖然Coinbase不是以太坊投資機構，但厚實持倉令其成為前十名大戶。

• Bit Digital (BTBT) – ~120,300 ETH: Bit Digital is a former Bitcoin mining company turned diversified crypto firm that has joined the Ethereum accumulation race. Headquartered in New York, Bit Digital pivoted after Ethereum’s transition to proof-of-stake (which made ETH mining obsolete) and began amassing ETH and running validator nodes. It now holds about 120,000 ETH (~$460 million). Bit Digital’s CEO Sam Tabar has indicated the company intends to be “more aggressive on the risk curve” in managing its crypto treasury, seeking above-average yields. The firm not only stakes its ETH but is exploring other “alpha maneuvers,” potentially including DeFi strategies. Bit Digital’s evolution from Bitcoin mining to Ethereum staking exemplifies how miners are adapting their business models to remain relevant – in this case, by becoming large ETH holders and yield seekers.

• Bit Digital（BTBT）– 約12.03萬個ETH：Bit Digital原為比特幣礦企，現已搖身一變成為多元化加密公司並積極吸納以太幣。公司總部在紐約，隨著以太坊改為權益證明（POS）挖礦徹底終結，Bit Digital大舉收集ETH並運營驗證者節點。目前持有約12萬個ETH（約4.6億美元）。CEO Sam Tabar表示，集團打算在風險管理上更大膽，力爭高於行業平均的收益。不僅質押ETH，也積極研究其他產生超額回報的方法，包括DeFi策略。Bit Digital蛻變之路，正好反映礦企如何主動轉型以保持行業競爭力——成為大型ETH大戶及追逐收益的新勢力。

• Mantle (Mantle DAO Treasury) – ~101,900 ETH: Mantle is the name of a crypto project and DAO that controls a sizable Ethereum treasury. Mantle Network is a layer-2 scaling network for Ethereum, and it emerged from the BitDAO community. BitDAO, a decentralized autonomous organization, had amassed a large treasury from token sales, including a substantial amount of ETH. Under the Mantle rebranding, that treasury includes roughly 101,900 ETH (~$390 million). This makes Mantle’s DAO one of the biggest collective holders of ETH. While not a traditional corporation, it’s effectively a large institutional holder (governed by token holders). The Mantle treasury’s purpose is to fund ecosystem growth, but in practice it also acts as an investment fund, allocating assets to various ventures. Its large ETH reserve signals confidence in Ethereum’s long-term value and is used to support projects on the Mantle layer-2 chain. Mantle shows that DAO treasuries can rival corporate treasuries in size when it comes to crypto holdings.

• Mantle（Mantle DAO 資金池） – 約10.19萬個ETH：Mantle是一個由DAO管理的加密項目，持有可觀以太坊資金池。Mantle Network是一條以太坊Layer 2網絡，前身為BitDAO。BitDAO當年靠發幣融資積累龐大資產，包括大量ETH。品牌轉型後，Mantle現金池約有10.19萬個ETH（約3.9億美元），令其成為業界最大DAO集體持幣戶之一。雖非傳統企業，但在加密世界卻堪比機構大戶（由持幣人治理）。Mantle資金池主旨是推動生態發展，實際上亦如同投資基金一樣分配資產給各類子項目。如此龐大ETH儲備反映其對以太坊長期前景的信心，並用作支持Mantle二層鏈的生態。DAO資金池能與傳統企業資金池一較高下，可見一斑。

• Golem Foundation – ~100,700 ETH: The Golem Foundation is another non-profit entity holding a trove of ETH. Golem, a decentralized computing project, raised a vast sum of ETH in its 2016–2017 initial coin offering (ICO). Much of that ICO funding remained in ETH, giving the Golem Foundation around 100k ETH today (about $380+ million). This treasury is intended to fund development of the Golem network, but the foundation’s prudent management (and the appreciation of ETH’s price since the ICO) means it still retains a large reserve. Golem’s case is representative of many early Ethereum-based projects that did ICOs – those that held onto a portion of their raised ETH ended up with substantial treasuries. It highlights how some of Ethereum’s biggest holders are its own ecosystem projects that raised capital in ETH and kept it.

• Golem Foundation – 約10.07萬個ETH：Golem Foundation是另一家非牟利機構，現擁有大量ETH。Golem是去中心化運算項目，當年於2016至2017年ICO募集大量ETH，至今大部分仍鎖在資金池（約10萬個ETH，市值逾3.8億美元）。這筆資金原定用於Golem網絡開發，但基金會管理謹慎，加上ETH升值，至今仍保留巨額儲備。這正代表不少以太坊早期ICO項目——堅持持有部分所募ETH，最終成為生態內部巨鯨。亦即有不少大戶其實來自以太坊自家生態項目，通過ICO募得並長期保存ETH。

• BTCS Inc. (BTCS) – 70,000 ETH: BTCS Inc. is one of the oldest publicly listed blockchain companies in the U.S. (founded in 2014 originally as “Bitcoin Shop”). Now traded on Nasdaq, BTCS pivoted from Bitcoin mining to Ethereum staking and blockchain infrastructure around 2017–2018. It currently holds about 70,000 ETH (~$270 million) in its treasury. BTCS is notable for actively engaging in complex DeFi strategies to maximize returns on its ETH – more on that in the next section. Under CEO Charles Allen, BTCS runs its own validator nodes and also employs yield farming techniques. For instance, BTCS revealed it had deposited $100 million worth of ETH into Aave (a lending protocol) to borrow stablecoins and buy more ETH, which it then stakes. This kind of leveraged loop (sometimes called a “flywheel” strategy) is aimed at amplifying the ETH holdings and yield, though it introduces significant risk. BTCS’s approach exemplifies the experimental tactics some treasury firms use to grow their stack, straddling the line between savvy and risky.

• BTCS Inc.（BTCS）– 7萬個ETH：BTCS是美國最早上市的區塊鏈公司之一（2014年創立，前稱「Bitcoin Shop」），現於納斯達克交易。早期從事BTC挖礦，2017-2018年轉型主攻以太坊質押及區塊鏈基礎設施。目前資金池內持有約7萬個ETH（約2.7億美元）。BTCS善於利用多種DeFi策略提升ETH回報——稍後會詳細介紹。CEO Charles Allen帶領下，公司自營驗證者節點，亦採用各類「賺息耕作」手法。例如曾將價值1億美元的ETH存入Aave（借貸協議）套出穩定幣再買ETH並質押，形成槓桿循環（俗稱「飛輪」），以放大持幣及收益，但同時增加風險。BTCS的做法正體現部分資金池機構增厚持倉時會採用的創新或進取手段，靈活與高風險並存。

Finally, it’s worth mentioning two more significant holders even if they fall just outside a “top ten” definition:

最後就算未進十大，亦值得一提還有兩個重量級持幣者：

• Gnosis DAO – ~66,600 ETH: Gnosis, a project known for its multi-sig wallets and the Gnosis Chain, also raised funds in ETH and holds a treasury of about 66.6k ETH (~$258 million). As a DAO-governed treasury, it’s another example of an Ethereum-based project with a large reserve from its token sale.

• Gnosis DAO – 約66,600個ETH：Gnosis主打多簽錢包及Gnosis Chain，同樣當年籌得不少ETH，目前資金池約有6.66萬個ETH（市值約2.58億美元）。該DAO資金池又是一例以太坊項目靠發幣集資後長期持有巨量ETH的案例。

• U.S. Government (seized assets) – ~60,000 ETH: Perhaps surprisingly, the United States government is listed as an ETH holder – not by intention, but through seizures of illicit assets. Various law enforcement actions (against dark web markets, hackers, etc.) have resulted in the federal government confiscating crypto, mostly Bitcoin but also Ethereum. According to tracking data, wallets controlled by U.S. agencies held roughly 60,000 ETH (~$230 million). These assets are typically auctioned off eventually, but at any given time Uncle Sam can be a notable crypto “hodler.” While not a “treasury strategy,” it’s an interesting footnote that even government coffers have ended up containing Ether.

• 美國政府（充公資產）– 約6萬個ETH：可能令人意外，美國政府亦曾列名ETH持有者——並非主動買入，而是通過執法充公非法資產。多次執法行動（針對暗網黑市、駭客等）令聯邦政府沒收的大部分加密貨幣雖然是比特幣，但也包括大量以太幣。根據追蹤表，美國政府機構錢包曾合共持有約6萬個ETH（約2.3億美元）。這些資產最終通常會公開拍賣，但理論上任何時候「山姆大叔」都可能是加密貨幣「死忠」。雖然不是正式的資金池策略，但這個趣聞也反映連國庫都會意外持有以太幣。

In summary, Ethereum’s largest treasury holders range from newly-formed crypto investment firms and SPVs to established exchanges, DAOs, project foundations, and even a quirky blockchain fork and the U.S. government. The top five alone (BitMine, SharpLink, Ether Machine, Ethereum Foundation, PulseChain) control on the order of 2.1 million ETH between them – a significant chunk of supply. The broader field of dozens of entities collectively holds nearly 3 million ETH. This unprecedented accumulation of Ether by institutions is a core reason many observers are bullish on Ethereum’s future. But as we’ll see, it also underpins Vitalik Buterin’s concerns about potential risks.

總結來說，現時以太坊最大資金池持有者涵蓋新成立的加密投資機構、SPV、老牌交易所、DAO、項目基金會，甚至另類分叉鏈及美國政府。頭五大（BitMine、SharpLink、Ether Machine、Ethereum Foundation、PulseChain）合共掌握大約210萬個ETH（佔總流通量極大一部分）。而整個榜單上數十個主體共持有接近300萬個ETH。這種有史以來最大規模的機構囤積行為，是外界普遍看好以太坊未來的核心原因之一。但如你所見，同時也呼應了Vitalik Buterin對潛在風險的擔憂。

Vitalik Buterin Backs the Trend – With a Warning

Vitalik Buterin肯定這趨勢，同時提出警告

Ethereum’s co-founder Vitalik Buterin has expressed a mix of optimism and caution about the rise of ETH treasury firms. On the one hand, Buterin recognizes the value in having companies hold Ether. “ETH just being an asset that companies can have as part of their treasury is good and valuable… giving people more options is good,” he said in an interview on the Bankless podcast in August. Buterin noted that when public companies buy and hold Ether, it exposes the asset to a broader range of investors who

以太坊聯合創辦人Vitalik Buterin對ETH資金池公司的崛起態度既樂觀，又帶點警醒。他一方面認同企業持有ETH具有重要價值：「ETH作為公司資金庫資產本身就有其吸引力……給持份者多些選擇是好事。」他在8月接受Bankless播客訪問時這樣表示。Buterin補充，當上市公司開始購入及持有ETH，其實是令這種資產曝光於更廣闊的投資群體……might not otherwise invest in crypto directly. For example, a pension fund or traditional portfolio manager might feel more comfortable buying stock in a company that holds ETH, rather than handling cryptocurrencies themselves. In this way, treasury firms can indirectly widen Ethereum’s investor base, integrating it into more traditional investment channels. Buterin acknowledged “there’s definitely valuable services being provided there” by these companies creating new avenues for exposure.

同時，Buterin 都發出明確警告：如果這個有利趨勢發展得太過，隨時會變得危險。「如果你三年後叫醒我同我講，treasuries 最終導致 ETH 垮台⋯⋯我估其中一個原因好大機會係佢地將成個遊戲變成過度槓桿化，」Buterin 警告。他最擔心的情境，相信任何經歷過幣圈泡沫爆破都唔會陌生：有啲公司用槓桿（即借錢或者做衍生品賭博）嚟放大佢地持有嘅 ETH。只要價格持續上升，咁樣做係可以極度賺錢。但如果 ETH 價格急跌，重槓桿倉位就可能會被強行清算，觸發連鎖拋售，令價格再插多一層——一個典型骨牌效應。Buterin 形容呢個風險為「最壞情況下的連鎖效應」，即價格下跌引發「被逼平倉，連環拋售令幣價再落」，最後不止市場崩盤，仲可能令 Ethereum 失去公信力。

呢啲絕對唔係紙上談兵。加密行業曾經發生過類似崩盤。最臭名遠播例子就係 2022 年 Terra/Luna 爆煲，因為過度槓桿嘅演算法穩定幣體系自爆，幾百億美元灰飛煙滅，引發幣市大瀉。Buterin 都有提過呢類事件，佢有句：「呢班唔係 Do Kwon 信徒我地講緊。」（Do Kwon 係 Terra 創辦人，以魯莽策略聞名，最終弄到自食其果。）Vitalik 嘅意思係，現時揸 ETH 做 treasury 嘅公司似乎更理性，無咁激進──「唔係 Do Kwon 信徒」──佢都希望 ETH 投資者夠自律，唔會重蹈覆轍。換句話講，佢係信這類公司的操盤人唔會重演過住泡沫狂潮嘅錯誤。

不過個憂慮好現實：如果大量 treasury 公司都用借錢或者複雜 DeFi 技巧最大化 ETH 部位，大家一齊爆煲就好大機會變成系統性風險。Buterin 強調，Ethereum 嘅成功唔應該「以過度槓桿為代價」，到最後搞到成盤輸清。

留意返，其實已經見到部分證據顯示有 ETH treasury 用槓桿操作。例如剛提過，BTCS Inc. 就係用 ETH 抵押借穩定幣，再拿錢去買多啲 ETH 同參與質押，即係放大部位。呢種策略只要 ETH 升緊時，回報真係勁（因為自己實際控制多咗 ETH，食晒升幅），但跌起嚟就可能被清倉──即係要拋售質押嘅 ETH。假如有好多公司咁做，一跌市就好容易齊齊被逼砍倉，同步倒貨，行情插得更快。呢個正正就係 Buterin 講緊嘅骨牌效應。

Vitalik 嘅態度可以總結為「審慎樂觀」。佢支持以太坊成為主流企業庫存資產，好似現金或者國債，咁有助肯定 Ethereum 嘅地位，亦可以拉多啲傳統投資者入場。但核心其實係一句 要有節制：用盡量低槓桿，最佳係唔好用槓桿。重點應該係長線持有，同負責任咁管理，唔好玩成投機遊戲王國。「唔可以畀槓桿搞到 ETH 玩完！」佢強調，Ethereum 嘅未來唔應該因為唔可持續嘅金融工程而冒險。

Buterin 嘅評論社群內分量極重。佢一方面支持傳統資金攞 ETH，另一方面提出警告，其實係為整個行業訂下健康標準。同時都提醒新成立嗰啲 ETH 炒得重嘅公司：千祈唔好重覆過往幣圈泡沫錯誤。以太坊創辦人都在咁密切監察呢個新趨勢，都見得事件何其重要。講到尾，呢種 ETH 囤積潮背後係有理性原因，但同時競爭壓力都可以令部分公司想冒更大風險。

Why Are Companies Accumulating Ether?

公司點解要瘋狂儲 ETH？呢股企業級「搶以太」風潮背後幾個主要推動力，令持有 ETH 對公司同投資者都大有吸引力：

1. 對 Ethereum 長線價值有信心：最基本，這類公司對 Ethereum 前景十分樂觀。佢哋覺得 ETH 有極大升值潛力，因為以太坊在金融科技領域愈來愈重要。用 The Ether Machine 嘅 Andrew Keys 嘅話嚟講，佢睇 ETH 係「互聯網上最重要嘅資產」。Ethereum 區塊鏈係 DeFi、穩定幣、NFTs、以及實體資產通證化嘅基礎設施。如果相信 Ethereum 長遠都會加速普及與經濟活動，咁持有 ETH 就等於擁有未來數碼經濟基礎設施一部分，其實係對生態長線增長嘅投資。好似 BitMine、SharpLink 等公司都聲明業務核心策略係長線囤 ETH，不會玩短炒。BitMine 行政總裁 Jonathan Bates 更指公司「全力支持以太坊持續增長」兼執行其 treasury 策略。簡單講，佢地與 Ethereum 捆綁一齊，價值升跌命運直接掛勾，更有動力推動生態健康發展。

2. Ether 產生收益能力（質押同 DeFi）：同比特幣攤係錢包唔郁唔動唔同，以太坊係生產力資產。Ethereum 轉 PoS 共識後，持有 ETH 可以靠質押獲得獎勵收息。現時 network validators 年化大約有 3% 至 5% ETH 收益。有時叫「加密股息」或者 DeFi 無風險回報，因為純粹鎖住 ETH 就有回報。公司將呢點當成以資產生利（好似收債息）、令財庫搵多啲被動收入。除此之外，除左 basic 質押，仲有一大堆 DeFi 操作：做流動性、挖礦、借貸等等，可以升高回報（但風險都更高）。舉例，GameSquare Holdings──新冒起嘅 ETH treasury 公司之一──就用啲複雜 DeFi 策略再加持，目標做到年化回報 8–14% 嘅 ETH 收益。ETH 嘅「收息能力」係一大買點，等持有 ETH 由純投機變成長線收益策略。Andrew Keys 就直接話：「比特幣無息，但 ETH 有息！」對公司財庫而言，可以搵到 yield 資產，擺確係有利。甚至有分析員比較過質押 ETH 好似收國債或短票息──係 network 安全 base return 之上再加升值空間。即資本增值 + 收息，係長線企業 All-in ETH 嘅重要主因。

3. 分散投資同 Treasury Strategy 2.0：現今高通脹、傳統資產低息年代，啲原本就較「幣圈」取向公司自然想搵 alternatives 停泊現金。攞住一大堆現金面對通脹會損耗吸引力。Bitcoin 開創用虛擬貨幣做企業財庫資產先河（MicroStrategy 就係代表，為避現金貶值大舉買 BTC）。Ethereum 亦有抗通脹功能，甚至因規模細潛力更高，用途更廣。企業 diversifiy 入 Ether，希望提升整體 treasury 回報同資產淨值（ETH 一升，資產更加穩陣）。其實好似抄足 MicroStrategy：將美元（或者募得現金）轉成硬資產。BitMine 等公司仲公開講要提升「每股 NAV（資產淨值）以加密貨幣計」——即標準係每股擁有幾多 crypto，假設 ETH 長線升，股東受益。即視 ETH 做策略性儲備資產，有機會比傳統資產跑贏。

4. 投資者需要股票渠道接觸加密貨幣：唔少投資者想沾手 crypto，但覺得經股票會安全便利。唔係個個可以/願意直接落場買幣——法規、基金限制、甚至自己熟唔熟都係考慮。但買股票就無障礙。Ethereum treasury 公司正正 cater 到想經股市投資 Ether 嘅人。佢地儲 ETH，其實間接等於「變身 Ethereum ETF」咁。持股就間接擁有公司儲嘅 ETH。真正現貨版 Ethereum ETF 未獲批前（截至 2025 美國都未批），呢類公司就頂住個缺口。正如 Vitalik Buterin 講：「畀人多啲選擇按自身情況接觸 ETH。」例如，傳統基金買唔到加密貨幣，但可以買股票；買 BitMine 或 SharpLink 股份，就係一種加 ETH 曝險方式。呢個現象已經

【如需繼續翻譯，請補發剩餘內容】vividly demonstrated by the market: BitMine’s stock price multiplication and enormous trading volumes reflect how eagerly investors have embraced it as an ETH proxy. At one point in early August, BitMine’s daily stock trading turnover was around $1.6 billion, ranking it among the highest-volume stocks on U.S. exchanges – a sign that traditional capital is flowing in via equities to get crypto exposure. In short, these treasury companies exist in part because the demand side (investors) wants them to. They’re essentially bridges between Wall Street and Ethereum.

由市場表現清楚展示出來：BitMine股價翻幾番，加上巨大的交易量，反映出投資者有多熱切地把它當作ETH代理去買入。八月初某一時段，BitMine每日股票成交額高達約16億美元，令它成為美國交易所中最高成交量的股票之一——這顯示傳統資金正透過股票流入市場，以獲取加密貨幣的敞口。簡單嚟講，這些金庫公司嘅存在，其中一部分原因正正係需求方（即投資者）要佢哋出現。佢哋本質上係華爾街同Ethereum之間嘅橋樑。

5. Staking and Infrastructure Business Synergies: Some companies not only hold ETH but also provide staking services or Ethereum infrastructure, which creates synergies. For example, BTCS and Bit Digital both run validator nodes and are developing tech around staking. By holding and staking a large amount of ETH themselves, they both prove out their capabilities and earn staking rewards directly. They can then extend those services to others (enterprises, institutions, or retail customers) as a business model. Similarly, The Ether Machine has mentioned plans to offer “turnkey infrastructure solutions” for others seeking access to Ethereum’s staking and blockspace economy. So for these firms, the ETH treasury is not just an investment; it’s also working capital for their blockchain services. This aligns their corporate mission with Ethereum’s growth – the more activity on Ethereum, the more demand for staking and validators, benefiting those who invested early in a large stake. It’s a virtuous cycle if executed well: large ETH holdings enable them to be major validators, which earns them income and credibility in the space, which helps attract more investors and clients, enabling further expansion of holdings.

6. Staking 及基建業務協同效應：有啲公司唔單止持有ETH，仲同時提供staking服務或者Ethereum基礎設施，產生協同效應。例如，BTCS同Bit Digital都營運驗證者節點，亦有開發同staking有關嘅技術。佢哋自己持有並staking大量ETH，證明咗自身實力，同時直接賺取staking回報。其後可以將呢啲服務進一步擴展到企業、機構或零售客戶等其他用戶，發展新嘅商業模式。同樣，The Ether Machine就提過計劃為其他希望參與Ethereum staking同區塊空間經濟嘅參與者，提供「一站式基建解決方案」。對這類公司嚟講，ETH金庫唔淨係一項投資，更係支撐佢哋區塊鏈服務嘅營運資金。這種做法令佢哋嘅企業使命同Ethereum嘅增長保持一致——Ethereum上活動愈多，staking及驗證者需求愈大，早早持有大量ETH嘅公司愈能受惠。運作得好嘅話，會形成正向循環：大量ETH持倉令公司成為主力驗證者，賺取收入及行業聲譽，吸引更多投資者及客戶，進一步擴大持倉。

7. Competitive Advantage and “Flywheel” Effects: There is a sense of an ongoing race among these companies to acquire as much ETH as possible, as fast as possible. Tom Lee of BitMine alluded to it as separating themselves by the “velocity” of increasing crypto assets per share. The firms that moved early – BitMine, SharpLink, etc. – have seen their stock values surge, which in turn enables them to raise even more capital (since they can issue shares at higher prices or attract bigger investors). They can then use that capital to buy more ETH, further increasing the underlying value. This is essentially a flywheel effect: holding ETH boosts stock value in a bull market, which helps raise money to buy more ETH, and so on. Companies want to capitalize on this momentum before it slows. There’s also the fear of missing out – if ETH’s price keeps rising, any ETH bought later will be more expensive, so there’s an incentive to accumulate aggressively now. Each company wants to establish itself among the top holders to gain the prestige and investor interest that comes with it. And indeed, these firms often publicly announce each incremental purchase of ETH (press releases for every tens of thousands of ETH added) to signal their growing lead or to reassure investors of progress. In essence, Ether in treasury has become a metric of corporate success in this niche: they compete on who has the biggest stash, not unlike how traditional companies might compete on revenue or user base. This competitive drive further explains why treasury holdings are ballooning so rapidly.

8. 競爭優勢與「飛輪效應」：目前這類公司之間存在一場不斷加速的競賽，要盡快收集盡量多的ETH。BitMine的Tom Lee都提過，他們會以「單位股份加密資產增長速度」作為差異化優勢。最早入場嗰幾間公司——BitMine、SharpLink等等——佢哋股價急升，繼而令公司可以集更多資金（因為手上股份價值高或者吸引大投資者）。嗰筆資金再用返去買ETH，基礎價值又再提升。這實際上就係「飛輪效應」：持有ETH喺牛市時大大提升股價，然後融資再買更多ETH，以此循環。公司都想喺趨勢未減弱前搶盡優勢。亦有執輸行頭嘅心態——一旦ETH價格不斷升遷，之後再買會更貴，所以而家有動力主動進取咁購入ETH。每間公司都想成為頂級大戶，藉此獲得聲望和投資者注意。現實中，這些公司每買多一批ETH都會公開發新聞稿（幾萬ETH也要宣布），以展示領先地位或向投資者交代進度。本質上，庫存的ETH資產已經變成行業成功標準之一：大家鬥邊個「倉」最大，好似傳統公司會鬥收入或者用戶一樣。這種競爭心繼續推高金庫持倉暴增。

9. Alignment with Crypto Ethos and Community: Some players are motivated by a genuine alignment with Ethereum’s ethos. For example, BitMine frames part of its mission as strengthening the Ethereum ecosystem. The Ether Machine speaks of reinforcing Ethereum’s infrastructure and aligning with its most committed stewards. This quasi-ideological angle means they are not simply treating ETH as a stock ticker, but as something they want to help grow. By holding and staking large amounts of Ether, they increase network security (more validators) and potentially decentralization (depending on how distributed their holdings are). They also often participate in governance of protocols or support developer communities, acting as major stakeholders in the ecosystem in a literal sense. This alignment can be a selling point to crypto-savvy investors: they might prefer to invest in a company that is actively contributing to Ethereum’s health, not just passively sitting on coins. In turn, those companies may earn goodwill in the community, partnerships, or early access to opportunities – intangible benefits of being seen as “Ethereum champions” rather than just profit-seekers.

10. 與加密精神和社群一致：有啲參與者真係因為認同Ethereum理念而投入。例如BitMine就講明部分公司使命係壯大Ethereum生態系統。The Ether Machine主張加強基建和與社群最有承擔的管理人保持一致。呢種半意識型態思維，令佢哋唔單純將ETH當作一隻股票，而係一項希望助其成長的資產。大額持有並staking Ether，增加網絡安全性（多咗驗證者），甚至可能促進去中心化（視乎持倉分布）。佢哋亦常常參與協議治理或者支援開發者社群，以實質大戶身份參與生態圈。這種一致性本身可以吸引有加密知識的投資者：佢哋可能更願意投資一家積極推動Ethereum健康發展嘅公司，而唔係純粹坐擁資產公司。再者，公司可能因而獲得社群認同、合作夥伴或率先接觸新機會——這些「Ethereum領袖」身份所帶來的無形回報亦不少過單純逐利者。

In summary, the motivations for accumulating ETH are a blend of financial strategy and technological conviction. Ether is seen as a high-upside asset that also generates yield, making it ideal for treasury growth. It’s a hedge against fiat debasement, a tool to attract capital market investment, and a gateway to participate in the next generation of internet infrastructure. Companies are effectively saying: if you believe in the future of Web3 and decentralized finance, why not hold a large chunk of the network’s core asset? Their executives talk about ETH the way earlier generations of businesses might have talked about oil reserves or real estate – a foundation for future dominance.

總結來說，囤積ETH的動機，係財務策略與技術理念並重。Ether被視為高回報資產，又可以有被動收益，非常適合金庫增長。它同時係對沖法幣貶值的手段、吸引資本市場投資嘅工具、以及參與下一代互聯網基建的門票。這些公司實際上係話：如果你信Web3和去中心化金融的未來，點解唔直接持有一大份這個網絡核心資產？佢哋高層講到ETH，好似早代生意人講石油儲備或地產——為將來稱霸打好根基。

However, these very reasons also push some toward increasingly complex and risky tactics to maximize returns, which loops back to Buterin’s warnings. In the next section, we’ll explore how some treasury firms are chasing yields and what that could mean.

但正正因為這些誘因，有部份公司開始進取採用愈來愈複雜和高風險嘅策略以求最大化回報，再一次應驗咗Buterin的警告。下一節，我們會看看部分金庫公司如何追逐收益，以及相關影響。

From Staking to DeFi: How Treasury Firms Boost Returns (and Risks)

由Staking到DeFi：金庫公司點樣提升回報（同時增加風險）

Accumulating ETH is just the first step for many of these treasury firms. Once they have the Ether, how they manage it becomes crucial. A distinguishing feature of this trend is that these companies are not merely locking away their ETH in cold storage; many are actively deploying it in pursuit of additional returns. This has implications for both potential upside and systemic risk.

對好多金庫公司嚟講，儲ETH只係起步。之後如何管理這批資產，就變得關鍵。現時這股潮流最大分別在於，公司唔單單將ETH鎖定冷錢包，而係積極部署到不同地方以追求更高回報。這做法同時提升潛在收益，也增加系統性風險。

Staking at Scale: The most straightforward thing to do with a large ETH treasury is to stake it on Ethereum’s Beacon Chain to earn protocol rewards (~4-5% APY currently). Most of the major players are indeed staking a substantial portion of their holdings. Staking yields not only provide income but also compound their ETH position over time (since rewards are paid in ETH). For example, SharpLink and BitMine have indicated they are staking and even “restaking” their Ether. “Restaking” refers to using liquid staking tokens or other mechanisms to further deploy staked ETH into DeFi for extra yield (though this can add complexity). By staking, these companies also signal confidence in Ethereum’s security model and earn the right to participate in validating the network – a role traditionally not associated with corporate treasuries! It’s almost as if these firms are part investment fund, part blockchain validator operators. The scale is significant: BitMine’s ambition of 5% of all ETH implies running tens of thousands of validator nodes (each 32 ETH) – an industrialization of staking. Some, like BTCS, run their own validator infrastructure in-house to maximize control and profits.

大規模Staking：處理大量ETH金庫，最直接的方法就是將其staking到Ethereum主鏈（Beacon Chain），賺取協議回報（現時年化約4-5%）。絕大多數主要參與者，確實已經將持倉大部分staking。這樣不只產生收益，還可以隨著時間不斷「複利」按ETH計算的本金（因為回報係ETH計）。例如SharpLink及BitMine都表明他們進行staking甚至restaking。所謂「restaking」即係用流動性staking代幣或者其他機制，將已staking的ETH再投入DeFi賺額外收益（但會複雜化操作）。通過staking，這些公司表達咗對Ethereum安全模式的信心，亦有權直接參與網絡驗證——這個角色過去從未見於企業金庫！簡直好似半個投資基金、半個區塊鏈驗證營運商。規模非常驚人：BitMine目標持有全網5% ETH，即意味要營運幾萬個驗證節點（每個32 ETH）——staking業務工業化。有啲如BTCS，更自己維護審核節點設施，以求最大掌控同效益。

DeFi Yield Farming and Lending: Beyond core staking, a number of treasury companies are venturing into the broader DeFi ecosystem to chase higher yields. This is where things get both innovative and risky. GameSquare Holdings, which is rising in the ranks of ETH holders, has openly laid out a plan to seek 8–14% returns on its Ether by engaging in activities such as providing liquidity in decentralized exchanges, investing in Web3 gaming assets, and using algorithmic trading strategies in DeFi. They partnered with a crypto investment firm, Dialectic, which runs an algorithmic system (“Medici”) to automatically allocate funds to the best-performing liquidity pools and yield farms. The goal is to grow their ETH stack (“if we have 10 ETH, I hope we have 11 ETH next year,” as one advisor put it) beyond what passive staking alone would yield. This approach basically treats the treasury like a hedge fund would – actively trading and farming for alpha.

DeFi挖礦及借貸：除咗基本staking，唔少金庫企業已經開始探索更大範圍的DeFi生態，以追求更高收益。這裏既有創新亦有風險。例如GameSquare Holdings——ETH大戶行列新貴——就公開表示，會目標套現旗下ETH年收益8-14%，主要靠為去中心化交易所提供流動性、投資Web3遊戲資產、以及透過DeFi自動化策略進行交易。他們夥拍加密投資公司Dialectic，後者運行一套算法系統「Medici」，會自動將資金分配去表現最好的流動性池同挖礦平台。最終目標係擴大ETH「底池」（如一名顧問話：「如果今年有10 ETH，希望下年變11 ETH」），即超越純被動staking所賺到的回報。本質上，這種方式等於將金庫當對沖基金操作——主動參與交易同挖礦取利。

Other examples: ETHZilla (another new ETH reserve firm) raised $425 million and plans a strategy to generate 3% to 10% annually by partnering with a DeFi asset manager (Electric Capital). Bit Digital’s leadership spoke about pursuing “alpha maneuvers” to get above-average yields, indicating they too won’t settle for just the base staking rate. John Chard of SharpLink hinted that “selective DeFi participation is a natural next step beyond staking” once a company has adopted ETH as a balance sheet asset. The message is clear: there’s a brewing competition among these firms to see who can do more with their ETH.

其他例子：ETHZilla（另一新興ETH儲備公司）集資4.25億美元，將與DeFi資產管理商（Electric Capital）合作，目標每年賺取3-10%收益。Bit Digital管理層表示會積極探索「alpha動作」以實現超標準回報率，即佢們唔會只滿足基本staking回報。SharpLink的John Chard表示，一旦公司正式以ETH為資產表列，「有選擇性參與DeFi自然而然成為Staking之後的下一步」。信息好明顯：這行業正激烈角逐，看邊間公司能「玩」得更盡。

Such strategies, if done prudently, could significantly boost the returns for shareholders (and further justify these companies’ existence). They might effectively become active ETH fund managers, not just holding Ether but increasing it. And for the Ethereum ecosystem, tens of billions of dollars of ETH flowing into DeFi protocols could be transformative – providing liquidity and usage that spur a new wave of growth (some are dubbing this potential wave “DeFi Summer 2.0”). The presence of institutional players hunting yield could refine and mature DeFi, or at least massively increase the capital in play.

這些策略如操作得當，確可明顯提升股東回報（進一步證明公司存在價值）。這些公司實際上會變成主動管理ETH基金經理——不只持有ETH，更想不斷增加持倉。從生態角度，數百億美元ETH流入DeFi協議，將會極大提高流動性及使用，或帶來新一波增長（有人稱之為「DeFi夏季2.0」）。機構參與尋找收益，可能推動DeFi成熟，最少都會大幅提升市場資本量。

Leverage and the “Flywheel” Strategies: However, the drive for yield is leading some down a dangerous path: leveraged strategies. The example of BTCS is illustrative. Their CEO disclosed that BTCS deposited $100M worth of ETH into Aave (a DeFi lending platform), then borrowed USDT stablecoins against that collateral, used the USDT to buy more ETH, and staked that ETH. Essentially, they created a levered long position on ETH: for the same initial capital, they increased their ETH holdings by also taking on a debt (the USDT loan). As long as ETH’s yield plus price appreciation outpaces the borrowing cost and doesn’t drop too

槓桿化與「飛輪」策略：但對高回報的追逐，部分公司已走上更危險的路——槓桿策略。以BTCS為例，其CEO公開表示，BTCS將一億美元ETH存入Aave（DeFi借貸平台），再用這筆抵押借入USDT穩定幣，然後再用USDT買入更多ETH，再將新ETH拿去staking。這其實等於用同一筆本金，額外背負一筆債（USDT借貸），大幅提升ETH持倉，即建立「槓桿多頭」倉位。只要ETH收益加價格升值高於借貸成本，而且不會太快下跌——

*如需補充或繼續翻譯剩餘段落，請指示！*fast (to liquidate the collateral), this “flywheel” can amplify returns. But it is exactly the kind of over-leveraging that raises eyebrows. It’s reminiscent of what some DeFi degens do in bull markets – recursively borrowing and buying to maximize exposure. For a public company to do it is bold, and perhaps a bit unsettling. BTCS’s approach may be on the riskiest end; others might take more moderate steps such as using a portion of their ETH for collateralized loans to fund operations or hedging.

這種「飛輪」效應（將抵押品迅速清算）可以大幅提升回報。但正正就是這種過度槓桿的做法令人質疑。它令人聯想起牛市時一些 DeFi degen 玩家的操作——不斷重複借貸、買入，極力放大倉位。以一家上市公司身分這樣做確實大膽，亦可能有點令人不安。BTCS 的策略可能屬於較高風險的一端；其他公司可能採取較溫和的步驟，例如只用部分 ETH 進行抵押貸款來資助營運或進行對沖。

The rationale behind using leverage is straightforward: if you strongly believe ETH will keep rising, borrowing against your ETH to buy more ETH can significantly increase profits. Plus, if you borrow stablecoins, you might also earn yield on the newly acquired ETH (staking it) and sometimes even on the borrowing side if platforms incentivize borrowing. It can turn, say, a baseline 5% yield into double digits. But the downside risk is the cascading liquidation scenario that Vitalik warned about. If ETH’s price dips too much, loans get liquidated (meaning the protocol sells the ETH collateral to repay the debt), which pushes the price lower, potentially causing other positions to liquidate. One company defaulting on a DeFi loan is hardly going to “bring down ETH” – DeFi markets are large and can absorb some of that. But if multiple large holders were all doing similarly large levered bets, a severe market correction could indeed spell trouble. There’s also the possibility of contagion through interlinked positions – imagine Firm A and Firm B both have big loans on the same platform; if A’s liquidation crashes price, B also gets liquidated, etc. It’s happened in crypto among hedge funds and protocols; it could happen with these treasury firms if they overextend.

用槓桿的道理由來簡單：如果你堅信 ETH 會繼續升值，用持有的 ETH 抵押去再買更多 ETH，可以大幅提升潛在利潤。此外，如果你借的是穩定幣，不僅可以對新買入的 ETH 做 Staking 賺收益，有時平台還會對借貸本身給額外回報。這樣一來，原本只有 5% 的基本年化，就可能變成雙位數。不過，壞處就是會出現 Vitalik 提過的連環清算風險。假如 ETH 價格跌得太急，抵押貸款會被清算（即協議會賣出 ETH 抵押品去還債），進一步壓低幣價，令更多倉位出現清算。一家公司違約單一貸款當然未必「拖死 ETH」——DeFi 市場規模大，能消化這種事件。但要是有多間大機構同時做同類型大槓桿操作，遇到大型市況調整就真係出事。還有一種連鎖反應風險：假設 A、B 兩間公司同時在同一平台有大額貸款，A 被清算拖低價位，B 亦隨之被清算，等等。這種事對沖基金與 DeFi 協議間都曾經歷過——如果這批企業財庫搞得過火，也未必幸免。

Risk Management and Discipline: Not all companies are engaging in high-octane strategies. Some, like BitMine and SharpLink, have so far been fairly straightforward: raise capital, buy ETH, stake it. Tom Lee indicated BitMine is still focused on staking and carefully considering next steps in DeFi. SharpLink’s John Chard speaks of “selective” DeFi participation – implying they’ll be cautious and maybe limit to well-tested waters. Moreover, these are publicly accountable firms. They have boards, auditors, and shareholders to answer to, which could impose more discipline than an unaccountable DeFi degen has. Vitalik Buterin’s hope is that these managers will act responsibly – and indeed, early signs are that they are aware of the lessons of 2022’s collapses. No one wants to be the next headline for a crypto fiasco. We might also see some risk mitigation like hedging (for instance, using derivatives to partially hedge against an ETH price drop if they’ve leveraged up), though such tactics haven’t been publicized much.

風險管理與紀律：唔係所有公司都玩咁激。有啲，好似 BitMine、SharpLink 目前都幾直接——集資買 ETH，再做 Staking。Tom Lee 表示，BitMine 仲係專注 Staking，並且小心考慮進一步 DeFi 步驟。SharpLink 嘅 John Chard 講到只會「有選擇性」地參與 DeFi——即係會審慎行事，只考慮驗證過嘅方案。況且，這批企業本身有上市監管，有董事會、有審計、有股東，個個都要負責，冇得像 DeFi degen 咁無王管。Vitalik Buterin 希望這些管理層會負責任——而事實上，初步觀察佢哋係有汲取 2022 年崩盤嘅教訓。沒有人想變成下個幣圈災難頭條。我哋或者會見到佢地做風險管理（例如加槓桿時用衍生品對沖 ETH 下跌），只是這類操作暫時公開資訊不多。

Another risk is custody and security. By actively using ETH in DeFi, these companies expose their treasury to smart contract risks and potential hacks. A hack or bug could drain funds – a catastrophic event for any corporate treasurer. Firms likely mitigate this by using reputable protocols, possibly buying insurance, and keeping portions of funds in cold storage. But it’s a trade-off: the more they chase yield, the more exposure they have to the wilds of DeFi.

另外一個風險係資產託管及安全問題。公司將 ETH 積極用於 DeFi，就令公司財庫暴露於智能合約風險及黑客攻擊之下。任何一次黑客或漏洞都可以「一鋪清袋」——對企業財務主責人嚟講堪稱災難。企業多數會用可信賴的協議、可能甚至買保險，以及將部分資金冷錢包保存，以減低風險。不過，始終係權衡取捨：愈追求高收益，暴露於 DeFi 狂野世界的風險就愈大。

In conclusion, the operations of ETH treasury firms range from conservative staking to adventurous DeFi maneuvers. This spectrum of strategies will determine individual winners and losers among them – and collectively, it will shape how this trend impacts Ethereum. If most stick to sane strategies and contribute liquidity to robust protocols, they could actually strengthen the ecosystem (for example, providing lots of capital to lending markets, making them more efficient). If some go on leverage-fueled joyrides, they might end up as cautionary tales. Vitalik Buterin’s admonition effectively urges them to remember that they are stewards of a significant portion of ETH’s supply – and with great power comes great responsibility, as the saying goes.

總括而言，呢啲 ETH 財庫公司操作由保守 staking 到進取 DeFi 操作都有。呢道策略光譜會決定邊啲公司玩得贏、邊啲玩輸——而集體上，亦會塑造成這種趨勢對以太坊社群有咩影響。如果大部份公司都做得理性穩陣，又為強勁協議供應流動性，生態圈反而會更健康（例如大量資金入咗借貸市場，令市場更高效）。但如果有啲公司玩槓桿玩得癲，最終可能變成反面教材。Vitalik Buterin 嘅勸誡正正想佢哋記得——佢哋掌握住 ETH 流通量嘅重要部分，有權就有責，如同老生常談所講。

Implications for Ethereum’s Price and Market

The rise of Ethereum treasury firms is having profound implications for ETH’s market dynamics and future price trajectory. On the bullish side of the ledger, these firms represent a new class of large, long-term holders which can reduce circulating supply and increase demand, potentially driving prices higher. However, their presence also introduces new complexities and tail risks to the market. Let’s break down the key impacts:

Ethereum 財庫企業興起，已經為 ETH 市場動態及未來價格走勢帶嚟深遠影響。睇好嗰邊，這類公司代表了一批新興的大型長線持有者，減少流通供應、推高需求，有機會推升價格。但反過來，佢哋亦為市場引入一批新複雜因素及尾部風險。一齊睇吓幾個主要影響：

1. Upward Pressure on ETH Price from Accumulation: There’s no doubt that the collective buying by these firms has created upward pressure on ETH’s price in 2025. Over just a few months, treasury companies purchased on the order of 2 million ETH from the market. To put that in perspective, 2 million ETH is roughly 1.7% of the total supply – scooped up in a relatively short span. Analysts at Standard Chartered bank estimated that these companies could eventually add another 10 million ETH to their treasuries over time, which would be nearly 10% of the current supply. This kind of demand, if it materializes, would be a huge factor in Ethereum’s supply-demand balance. We’ve already seen ETH climb from the mid $1,000s in early 2025 to around $3,800 by August, and while many factors are at play (macro sentiment, Bitcoin’s cycle, etc.), the institutional accumulation of ETH has been cited as a significant catalyst for the rally. Each time a firm like BitMine or SharpLink announces a large purchase, it’s effectively signaling to the market that a chunk of ETH is being taken off the trading float and locked into a long-term hold. This scarcity effect tends to support prices. Moreover, the publicity around big names like Druckenmiller or ARK Invest backing these efforts adds to positive sentiment, attracting other investors to Ethereum. In short, treasury accumulation creates a bullish feedback loop – companies buy ETH because they expect it to rise, and their buying contributes to the price rising.

2. 大型吸納為 ETH 帶來上行壓力：這批企業集體吸納，明顯對 2025 年 ETH 價格構成了上行壓力。短短幾個月，財庫公司就由市場買走咗大約二百萬枚 ETH，佔總供應量約 1.7% ——時間極短。渣打銀行分析師估計，長遠而言這些公司嘅財庫總存量或可增加多 1,000 萬枚 ETH，幾乎等於目前總供應量 10%。這種需求若真出現，將是以太坊供求關係的重大推動力。2025 年初 ETH 只係一千幾蚊，美金，但去到八月已升到三千八左右，雖然當中受多種因素影響（包括宏觀氣氛、比特幣週期等），但機構入市掃貨被視為升勢重要催化劑。每次 BitMine、SharpLink 等公司宣布大額購入，都等於市場上有一大批 ETH 被移出交易流通，鎖定長期持有。這種稀缺效應有助頂住價格。連 Drennenmiller、ARK Invest 等大名鼎鼎投資者入駐，都令市場氣氛更正面，吸引更多投資者關注以太坊。總之，企業財庫推高 ETH 形成正向反饋循環——因為預期升所以買，買咗又推高價。

3. Reduced Liquid Supply (especially with Staking): Many of the ETH held by these firms is not just sitting in a readily sellable form; it’s often staked or otherwise locked up to earn yield. Staked ETH (either in the official staking contract or in liquid staking derivatives) is generally not immediately liquid – there are waiting periods to withdraw, etc. This means that a portion of ETH is effectively taken out of circulation, at least on short-to-mid-term timescales. As of 2025, roughly 20% of all ETH is staked network-wide; the influx of treasury firms could increase that percentage. A higher illiquid supply tends to dampen sell-side pressure in normal times, which is supportive of price. It also potentially increases volatility if demand suddenly shifts, because with less float available, prices can move more on marginal trading. But overall, if we assume these firms are holding for the long haul, their ETH is less likely to be dumped on a whim, which could make Ethereum’s investor base more robust. It parallels the narrative in Bitcoin: when coins move into the hands of strong holders or long-term believers (like corporate treasuries), they are less likely to be sold during corrections, possibly making sell-offs shallower than they’d otherwise be.

4. 減少流通供應（特別係 Staking 時）：好多公司持有嘅 ETH 唔係咁易就賣得出——佢地好多都用嚟做 Staking 或鎖定賺取收益。Staking 嘅 ETH（不論係官方合約定係流動質押衍生品），通通常都要經過等待期先可以提取，即短中期內已經從流通市場抽離。到 2025 年，全網大約 20% ETH 已經做咗 Staking，企業財庫湧入只會令比例上升。流通供應減少，平時賣壓會相應減細，對價格有幫助。但同時，如果需求突然急變，因為流通盤薄，價格在邊際交易時波動反而會加劇。不過大體講，若相信這些公司長線持有，佢哋未必會短期大量拋售，可能令以太坊投資者群變得更穩陣。這與比特幣故事有點相似：當幣交到長遠持有者（如企業財庫）手上，遇上回調時普遍唔會急賣，沽壓比起一般更淺。

5. Mainstream Legitimization of ETH: The very existence of publicly listed Ether-holding companies legitimizes Ethereum in the eyes of many investors and regulators. A few years ago, some institutional investors might have dismissed ETH as too speculative or not “investable.” Now, with companies building business models around it, ETH is getting an aura of an accepted asset class. This can have a self-fulfilling effect: more institutions become willing to allocate to ETH (either by buying these stocks or directly) because they see others doing it and an infrastructure being built around it. For instance, if you’re a portfolio manager, pointing to the fact that multiple Nasdaq and NYSE-listed firms hold ETH might help justify your own dip into crypto. It broadens Ethereum’s appeal beyond the crypto community. Additionally, this trend might prod financial regulators to think about Ethereum-based investment products (like ETFs) more seriously, seeing the clear investor interest. While speculative frenzy can invite regulatory crackdowns, a broad base of respectable institutions holding an asset usually has the opposite effect: it makes regulators more cautious about any action that could harm investors and companies. In essence, Ether’s integration into corporate treasuries is a milestone on its journey to becoming a staple asset, perhaps akin to how some companies hold gold or tech stocks as part of their reserves.

6. 以太坊走向主流認受：有上市公司公開持有 ETH，本身已經令好多投資者與監管機構對以太坊另眼相看。幾年前有些機構投資者可能嫌 ETH 太投機、唔夠「投資級」。而家越來越多公司將之發展成業務基礎，ETH 逐漸有資產級氣質。這效應會自我實現：機構見到有其他企業（無論直接持幣，抑或買這類股票）參與，仲有完善基建，自然會願意配資。例如你係一個投資組合經理，向公司高層解釋入手 ETH 時，指住「有咁多納斯達克、紐約證券交易所上市公司都揸住 ETH」會更有說服力。以太坊吸引力由幣圈滲透至傳統投資界。此趨勢可能亦會刺激監管機構更認真考慮基於以太坊的投資產品（例如 ETF），見到明顯投資需求病態式炒作當然會招來針對，但當資產分布於大量正規機構手中，監管反而會更審慎，避免傷害投資者及公司。簡言之，ETH 成為企業財政一部份，是踏向主流資產的里程碑，就如金、科技股成為企業儲備之一一樣。

7. Market Volatility and Risk of Liquidations: On the bearish or risk side, the concentration of so much ETH in a handful of corporate entities could introduce points of failure. If one of these big holders were to face financial distress, they might be forced to liquidate their ETH holdings quickly, which could jolt the market. For example, imagine if a leading ETH treasury firm had overextended with leverage and then couldn’t meet a margin call – they might have to dump tens of thousands of ETH rapidly. Crypto markets have absorbed such events before (exchange hacks or liquidations from failed projects), but it can cause short-term panic and price dislocations. Additionally, if a broad market downturn hits (say macroeconomic or regulatory shock) and ETH prices fall significantly, treasury firms that used debt to buy ETH could all come under pressure simultaneously. This is the cascade scenario Buterin fears. While we trust that many are managing risk, it’s hard to gauge the true leverage in the system because some might be using opaque loans or derivatives. The presence of these big players means we have to watch new indicators: e.g., are any treasury companies nearing debt covenants? Are their stocks crashing (which could

8. 波動與清算風險：睇淡或風險方面，若太多 ETH 集中於少數企業，市場就會出現系統性故障點。萬一其中一間大企業出現財困，或需即時清算其 ETH 持倉，咁就會震動市場。例如，某大型 ETH 財庫公司槓桿過度，遇到追收保證金無法履行，就可能一口氣大量拋售 ETH。過往幣圈都經歷過這類衝擊（例如交易所被駭或失敗項目清算），雖然市場能消化，但短期內易引起恐慌或價格混亂。此外，如果出現大市回調（如宏觀經濟、監管衝擊）ETH 價格大跌，過去用債務購幣的企業財庫會齊齊陷入壓力狀態。這正是 Buterin 最驚嘅連環清算場景。雖然相信大多數公司都有做風險管控，但實際系統槓桿有幾高，唔易判斷，因為有人可能用咗唔透明貸款或衍生品。這批大玩家存在，代表市場需要留意新風險指標：例如邊間企業接近債務限制？佢地股價有無急挫（咁又可能......limit their ability to raise cash and force them to sell assets)? Interestingly, the stock prices of these companies could become a leading indicator for ETH sentiment in some way – if investors lose faith in a firm, it might reflect concerns about their ETH stash or strategy, which could in turn reflect on ETH’s outlook.

限制咗佢哋集資能力，仲可能逼使佢哋要賣資產？有趣嘅係，呢啲公司嘅股價某程度上可能成為ETH市場情緒嘅領先指標——如果投資者對某間公司失去信心，可能反映咗佢哋對其ETH儲備或策略有疑慮，而呢啲疑慮又會進一步影響市場點睇ETH嘅前景。

5. Interaction with Retail and DeFi Markets: Another implication is how these treasury hoards interact with retail investor behavior and the DeFi ecosystem. If billions of institutional ETH flood into DeFi protocols, they could drive down yields (as more lenders in Aave or more liquidity in pools often means lower APYs for everyone, due to competition). That’s good for stability but means retail farmers might earn less. On the flip side, their participation could increase trust and usage of certain protocols (if a big public company uses a DeFi platform, it’s a vote of confidence in that protocol’s security and viability, potentially attracting others). Additionally, these firms could become major governance players in DeFi projects – if they deposit ETH or tokens into protocols, they might gain voting power, etc., which raises questions about decentralization and influence. So far, their stance seems collaborative (e.g., partnering with established crypto funds, using existing platforms), but over time they might push for certain regulatory-compliant features or risk limits in protocols that could change the DeFi landscape.

6. 與散戶同DeFi市場嘅互動：另一個影響就係，呢啲公司寶庫點樣影響散戶投資者行為同DeFi生態系統。如果有幾十億嘅ETH由機構湧入DeFi協議，可能會拉低收益率（因為Aave多咗借出人，或者流動池多咗資金，競爭大咗，大家分到嘅APY就少咗）。對市場穩定性嚟講係好事，但代表散戶耕田收益會減少。另一方面，佢哋入場又可以增加對某啲協議嘅信任同使用率（如果大型上市公司都用某個DeFi平台，即係對協議安全同可行性投下信心一票，有機會吸引更多人參與）。另外，呢類公司有機會變成DeFi項目嘅大戶治理者——如果佢哋存ETH或代幣落協議度，可能拎到投票權等，咁就引起去中心化同影響力方面嘅問題。到目前為止，佢哋態度都算合作（例如同成熟加密基金合作、用現有平台），但長遠嚟講，有機會會推動協議加入某啲符合法規要求嘅功能或者風險限制，改變DeFi現有格局。

7. Long-Term Supply Distribution and Decentralization: It’s noteworthy that a significant portion of ETH is now being held by centralized entities (companies or organizations). While it’s dispersed across several firms, it is a shift from the narrative of crypto being mostly in the hands of a decentralized crowd. If, say, 10-15% of ETH ends up controlled by a dozen or two dozen entities, some worry that it could lead to centralization of influence. These firms could theoretically coordinate (intentionally or not) market moves or exert outsized influence on network governance if their ETH is used in voting for protocol upgrades (though currently, proof-of-stake doesn’t have coin voting on upgrades – that’s more social – but for things like deciding fork choices or supporting proposals, large stakers have a voice). On the positive note, the firms themselves have diverse ownership (shareholders, board members, etc.), so it’s not one person but organizations with fiduciary duties. And compared to Bitcoin, where a single company (MicroStrategy) now owns over 0.7% of all BTC, Ethereum’s corporate ownership is still relatively dispersed. This development will test Ethereum’s decentralization ethos – can the network remain credibly neutral and not unduly influenced by corporate interests? So far, there’s no sign of any negative influence, but it’s something the community is watching.

8. 長遠供應分布同去中心化：值得留意嘅係，而家有好大部分嘅ETH已經被中心化實體（公司或者機構）持有。雖然分布喺幾間公司手上，但同以前話加密貨幣主導權喺分散大眾手裡嘅故事有啲唔同。如果，舉例講，10-15%嘅ETH最後被一至兩打機構控制，有啲人擔心會導致影響力過度集中。理論上，呢啲公司可以協同（無論有心或無意）做市場操作，或者如果用佢哋嘅ETH喺協議升級投票，對網絡治理構成過大影響（不過而家PoSUpgrade冇正式用代幣投票，主要仍然係社群協議——例如選分叉方向、支持建議之類，持倉大戶都有發聲權）。好處就係，呢啲公司本身股東、董事比較多元化，不係一個人話事，而係有信託責任嘅機構。以比特幣為例（MicroStrategy一間公司持有超過0.7% BTC），以太坊公司持倉仲算分散得多。呢個新發展都會考驗Ethereum去中心化宗旨——網絡會唔會繼續保持中立，唔會被企業利益左右？到依家都未見有負面影響，但社群都好關注。

9. Enhanced Price Discovery and Liquidity: With big institutional participants, we might see more sophisticated trading around ETH. For example, these companies might use futures, options, OTC trades to manage their treasury – activities that can increase overall market liquidity and depth. As their stocks trade, there may even be arbitrage dynamics: if a company’s stock price implies a certain value for its ETH holdings (like a “NAV”), traders might arbitrage between the stock and ETH itself. This happened with the Grayscale Bitcoin Trust in the past (its share price vs. BTC price). Something similar could occur if, say, BitMine’s stock trades at a premium or discount to its underlying ETH per share. Such interactions could make the market more efficient in the long run. Also, announcements by these firms (earnings reports, treasury updates) basically add more regular news events that can move ETH’s price. Crypto used to trade mostly on macro news, network upgrades, or retail sentiment; now, a press release from a treasury firm can be a catalyst.

10. 價格發現同流動性提升：有咗大型機構參與，ETH嘅交易活動可能會變得更加專業化。例如，呢啲公司可能會用期貨、期權、場外交易等工具管理寶庫，從而提升整個市場嘅流動性同深度。隨住佢哋嘅股份交易，仲可能出現對沖套利場景：如果公司股價反映咗其持有ETH嘅某個價值（即係“資產淨值”咁），交易員就有機會喺股份同ETH之間做套利。以前Grayscale比特幣信託（GBTC）就試過類似現象（股份價同BTC價有差距）。如果，例如BitMine股份溢價或者折讓於其每股底層ETH，咁市場都可能出現類似套利。長遠嚟講，呢啲互動可以令市場更有效率。同時，呢類公司嘅公佈（業績報告、財務更新）都會增加ETH價格波動嘅新聞催化劑。以往加密貨幣市場大多跟從宏觀消息、網絡升級、散戶情緒波動，舊時一單寶庫公司新聞都可以即時令ETH價格郁動。

11. Potential for a New Type of Ethereum Cycle: If Bitcoin’s 2020-2021 bull run was fueled in part by corporate BTC treasury buys and institutional adoption, Ethereum’s 2025 upswing seems to be following a parallel with these ETH treasuries. Some analysts speculate that we could see ETH decouple or at least catch up to Bitcoin’s dominance if this trend accelerates. Already, ETH has been closing the performance gap with Bitcoin in the current cycle as these treasury narratives took hold. The idea of Ethereum as “ultrasound money” (post-1559 burning fees, ETH’s supply can even deflate) plus corporate holding could bolster the case that ETH is a store of value in its own right, not just a tech platform token. If millions of ETH are held in treasuries and millions more are locked in staking or burned as fees, the float shrinks, potentially making ETH’s price more sensitive to demand spikes. Some bulls even eye ETH reclaiming a four-figure price in the context of these trends (and indeed it nearly has by August 2025). Long term, should 10+% of ETH supply move into treasuries, we might see higher price floors because those holdings act as a buffer (companies likely buy dips or hold through them).

12. 新一輪以太坊週期嘅可能性：如果話2020–2021年比特幣牛市部分係由企業寶庫入市同機構採納推動，咁以太坊2025年嘅升浪都可能係由ETH寶庫公司帶起。有分析師甚至估計，如果呢個趨勢加速，ETH有機會同BTC走勢分離，甚至追平主導地位。依家，隨住寶庫公司主題興起，ETH表現已經拉近同比特幣嘅差距。以太坊作為「超聲貨幣」（EIP-1559後燒銷費用，供應可能減少）加埋公司持倉，會鞏固大家對ETH係獨立價值儲備工具嘅信心，而唔淨止係個技術平台嘅代幣。如果有幾百萬ETH被鎖喺寶庫，再有幾百萬鎖定喺質押或者燒咗作手續費，流通量會收縮，令ETH價格對需求波動更敏感。有啲牛派甚至諗住慢慢見返ETH四位數水平（其實到2025年8月已經差唔多實現）。長遠嚟講，如果多過一成ETH供應入咗寶庫，價格地板或會抬高，因為公司持有可以作為防跌資金（佢哋多數會趁低收集，或者捱過下跌期）。

當然，呢啲趨勢隨時會出現逆轉嘅風險：如果ETH遇到重大技術事故，或者被嚴格監管禁制，呢啲企業大戶可能會爭住逃走，令暴跌加劇。又或者Crypto寶庫概念失寵（例如投資者因某啲事故失望），公司就會拋售。但暫時主流走勢都係越嚟越多新公司加入。

事實上，唔止現有名單，多間新公司準備加入ETH寶庫遊戲。例如新成立嘅以太專向公司、持續籌集資金，同公開上市計劃接連出爐。大家都覺得而家只係個開頭，更多公司未來會將持有數碼資產當做日常。以太坊因為生態成熟、提供收益，自然特別受青睞。渣打銀行推算未來有1,200萬ETH落入呢類企業寶庫，現時存量可能只係冰山一角。如果呢個預測成真，供應震撼同傳統金融進一步融合只會更誇張。

總括嚟講，寶庫公司累積ETH成為以太坊價格同普及性嘅「順風」因素，但同時帶嚟新嘅市場穩定性考慮。ETH未來價格走勢，好可能唔止取決於應用同宏觀環境，仲會受住大戶公司一舉一動影響。以太坊開始以全新方式被「金融化」——而家已經上到企業資產負債表，意味住ETH嘅命運除咗本身技術同加密原生因素，仲連住企業金融操作。對ETH信仰者嚟講，公司瘋狂儲ETH係對資產價值多年堅持最大肯定；對懷疑論者就可能覺得係泡沫危機警號。事實可能兩者夾雜：ETH價值被真正承認，當中又含有部份炒作情緒。

結論：以太坊嘅雙刃劍

Ethereum寶庫公司崛起，標誌住傳統企業世界同去中心化加密領域歷史性匯流。短短幾個月，數十億美元嘅以太幣流入企業賬房，為Ethereum前景投下強烈信心一票。呢個趨勢無疑推動咗Ethereum 2025年嘅強勢表現，因為公司鎖定ETH賭未來升值同收益。佢又拓闊咗以太坊投資群體，基本上任何有証券賬戶嘅人都可以透過公司股份參與ETH旅程。就某程度嚟講，呢個係好強嘅認可：以太坊已經唔止係開發者同幣圈炒家用嘅科技平台，而係連現金、股票、黃金以外都值得企業儲備嘅資產。

從技術同普及層面睇，絕大部分都係利好消息。來自華爾街嘅資金投入，支持同守護Ethereum網絡（通過質押與投資），有助加快開發創新。寶庫公司競逐提供流動性與賺取收益，更可能令DeFi與相關範疇注入新動力，或者引爆第二輪「DeFi Summer」增長熱潮。Ethereum精神一直主張去中心化同廣泛參與，而家連企業巨額資金都參與進來。如果管理得宜，呢啲公司可以變成生態支柱——正如傳統市場大型機構投資者有時可以憑長線視野穩定大局。

但誠如文中詳細分析，呢股潮流都並非無風險。炒高回報吸引咗槓桿同複雜手法，一旦大市逆轉，影響可以被放大。Ethereum之所以過往能夠抗衡諸多挑戰（由DAO事件到市場大跌），大抵靠社群用戶、礦工（以前）、開發者嘅去中心化力量。依家，新一個持份者加入戰場——以盈利為目標、要對股東交代嘅公司。佢哋嘅誘因（追逐利潤）一般上同以太坊成功掛鈎，但危機時有機會因現金壓力而賣貨（例如被迫套現較社區更快），相比分散社群持有人願意頂住或為網絡無私付出，機構做法可能更現實。

Vitalik Buterin小心翼翼嘅肯定恰好擷取重點：企業入場係加強以太坊認受性同滲透性，但一定要小心處理，避免釀成不可預測後果。他提倡唔好搞成過度槓桿嘅紙牌屋，提醒大家可持續增長先至穩陣過狂熱爆發。好消息係，帶領呢啲公司的班底——由華爾街老兵到幣圈原住民...– 過去的牛市和熊市大家都心知肚明。像 Tom Lee、Cathie Wood、Bill Miller、Andrew Keys 等這些名字及其他相關人士，都具備豐富經驗和聲譽包袱。這令我們有一定信心相信，大部分這些以太坊資金庫目前掌握在相對穩健的人手中，不太可能同時作出魯莽的賭博。而上市公司的透明度，意味著我們可以透過文件申報和披露，洞悉它們的策略和財務狀況，期望能在風險升溫時及早發現警號。

對一般加密貨幣愛好者或投資者來說，ETH 資金庫公司的興起帶來一個全新角度觀察市場。現在已經不只是要看去中心化網絡的數據，還需要留意企業新聞稿、股價表現，甚至監管申報，才能全面掌握以太坊的需求狀況。這確實令事情更複雜，但同時也可能帶來穩定與成熟。以太坊正在成長，正如數年前的比特幣一樣，開始與傳統金融業界接軌。

展望未來，如果以太坊持續向上發展，而且這些公司繼續壯大，我們或會見到更多企業加入這場戰局——可能會是科企多元化其資金庫，甚至出現專門圍繞 ETH 的 ETF 或投資基金（如被允許）。相反地，若發生意外事故——例如大型資金庫公司倒閉——懷疑者必定會「早就警告過你」，而市場信心亦會短暫受挫。以太坊社群及領導層必須保持警覺，確保大資金的影響能夠鞏固而非削弱生態系統的韌性和核心價值。

總括而言，以太坊資金庫公司是一項令人興奮但同時帶有風險的發展。它強調了以太幣在國際舞台上成為熱門資產的地位，並為市場注入了新的動力。這些公司促進了資產的普及化，透過鏈上活動有機會推動更多創新。與此同時，它們亦帶來了需要小心管理的新風險。隨著以太坊邁向下個里程碑——無論是技術升級還是價格新高——這些大戶的行為必將在其發展路上扮演關鍵角色。若處理得宜，這些公司持續增持將有助推升以太坊價值；若處理不當，也可能成為波動和不穩定的新源頭——而這一點，以太坊的社群一直銘記在心。

現時，數據已經說明了一切：短短時間之內，過往從未持有 ETH 的機構已囤積了數以十億計的以太幣，這股趨勢亦未見放緩跡象。這既是以太坊發展一大里程碑，也預示著加密世界與傳統金融日益緊密的相互依存。無論你是加密貨幣原教旨主義者還是市場現實主義者，這都是值得密切關注的發展，因為 ETH 的未來價格走勢和發展潛力，或許部分正掌握在這批新到埗的企業「Hodler」手中。