以太坊金庫企業激增：誰持有最多ETH及其對以太坊市場的意義

一股新潮流正席捲加密貨幣與企業界：公開上市公司開始大量囤積 以太幣 (ETH)，正如MicroStrategy等公司大量收購比特幣一樣。就連以太坊共同創辦人Vitalik Buterin也態度謹慎地表示歡迎這項趨勢，他認為企業持有以太幣能夠讓更多投資人間接接觸以太坊。企業將ETH納入資產負債表，不僅為股東帶來以太坊上漲的紅利，也無需直接持有加密貨幣。

這種現象標誌著機構參與加密資產的重大轉折。直到最近，比特幣才是企業敢於納為金庫資產的主流選擇。如今，作為第二大加密貨幣的以太幣，已成為許多企業金庫首選，尤其自以太坊切換至權益證明（PoS）機制後，企業還能透過質押獲得收益。過去幾個月內，數十家公司總共累積了數百萬枚ETH，催生出「以太坊金庫企業」的新型態。這些公司的崛起也正好搭上今年ETH價格的強勢反彈，顯示雙向加乘效果：公司大舉買入推升ETH價格，而價格上漲又加強企業資金布局的信心。事實上，ETH價格自四月低點已上漲超過160%，近日盤中曾達3,870美元；分析師部分將這波漲勢歸因於機構信心升溫，包括這些企業金庫持續投入。

但企業積極累積ETH也潛藏警訊和風險。Vitalik Buterin雖原則上支持，但提醒勿讓以太坊金庫變成「過度槓桿的遊戲」，以免威脅以太坊穩定。他擔心若企業過度借貸購買ETH或採用複雜槓桿策略，一旦遇到劇烈下跌，恐引發連環清算，波及企業與整體市場。「以太坊未來不能建立在過度槓桿的基礎上。」Buterin於近期專訪中強調。這股趨勢的雙面性，成為加密投資人不容忽視的重要發展。

本文將深入解析以太坊金庫企業的全貌。現今企業的巨型ETH持有者有哪些？他們為何要大量囤積以太幣？Vitalik針對此趨勢可能的問題曾發表哪些看法？更重要的是，這種累積對ETH價格及整個以太坊生態的長遠影響又會是什麼？接下來我們將探討頂尖持有者——從加密新創、上市公司到非營利基金會——並分析他們的策略如何影響以太坊發展，並根據最新、可靠資訊進行說明。

最大以太幣金庫：頂尖ETH持有者

以太坊目前流通供應量約1.2億枚ETH，其中愈來愈多由企業或機構金庫掌控。公開公司和相關機構合計囤積近300萬ETH（市值約120億美元）作為戰略儲備。以下介紹主要持有者——以太坊金庫世界的「鯨魚」們：

圖說：截至2025年8月，以ETH餘額計算的前12大以太幣金庫持有者。領先的是BitMine Immersion與SharpLink Gaming等專業公司，其次為The Ether Machine、非營利Ethereum Foundation和PulseChain Network的sacrifice address。這些機構合計持有所有企業和機構金庫ETH的相當比例。

BitMine Immersion Technologies（BMNR）——超過83.3萬ETH：最大以太幣囤積者為拉斯維加斯的BitMine Immersion Technologies，僅用一個多月就從零躍升至全球首位。BitMine現持有約83.3萬枚ETH，按當前價格約值32億美元。這筆龐大數量——相當於全部ETH的逾0.6%——是在2025年6月底一波急速吸納行動中累積而來。BitMine從原有的加密礦業及基礎設施業務，轉向主打以太坊金庫策略，籌集資金大量購入ETH。到7月8日，公司已完成2.5億美元的私人募資，隨即展開掃貨，短短35天內從零以太幣躍升為全球最大ETH金庫持有者。

BitMine的積極吸納動作備受關注。董事長為華爾街策略師Tom Lee（知名研究機構Fundstrat創辦人），他對以太坊前景極為樂觀。Lee表示團隊以「閃電般速度」實踐所謂「5%鍊金術」——BitMine的宏大目標是要掌控全球5%的ETH流通量。所有ETH的5%約為600萬枚，這是個幾乎令人難以置信的天文數字，但象徵其野心。「我們在加密金庫同儕中脫穎而出，無論是每股加密資產淨值的增長速度，還是股票的高流動性。」Lee指出，BitMine股價和交易量隨ETH持有量同步大幅上升。事實上，自策略轉型以來，BitMine股價已從六月底的4美元飆升至八月初的30美元以上，顯示市場已將它視為ETH的代理投資標的。BitMine現為全球企業公開金庫中持有ETH最多的公司，也自認為全球前三大加密金庫（僅次於持有大量比特幣的MicroStrategy和Marathon Digital）。此舉吸引了不少重量級投資人：比特幣大戶Bill Miller III大舉入股，ARK Invest（Cathie Wood）和Thiel的Founders Fund也參與投資。Miller更將BitMine比作是在走「Michael’s roadmap」——即MicroStrategy執行長Michael Saylor那套企業現金槓桿換取加密資產的路徑。簡而言之，BitMine Immersion幾乎成為以太坊界的「MicroStrategy」，帶領企業大舉囤幣。

SharpLink Gaming（SBET）——約52.2萬ETH：第二大金庫企業為SharpLink Gaming，這家在那斯達克上市的公司已轉型為以太坊投資載體，目前持有逾52萬枚ETH，市值約20億美元。在BitMine橫空出世前，SharpLink曾是ETH金庫榜首，現在穩居第二。為了擴大囤幣規模，SharpLink近期積極募資——2025年8月針對機構投資人辦理2億美元的定向增資，明確用於再度購入ETH。共同執行長Joseph Chalom發表聲明指出：「SharpLink很榮幸能獲國際機構投資人認可，進一步肯定我們成為全球領先ETH金庫企業的使命。」近期SharpLink又買進8.3萬ETH（約3.04億美元），持有總數達521,939枚，預料資金到位後其資產將正式突破20億美元，更鞏固作為企業界第二大公開ETH持有人的地位。

SharpLink的發展歷程相當特別——公司原本以線上體育博彩及遊戲業務為主，但現已搖身一變成加密資產投資平台。操作上大致複製BitMine路線：向投資人募資後，把資金全部投進以太幣，押注ETH長線升值及質押收益能勝過其他資本用途。將ETH納入資產負債表，也讓股票投資人可間接參與以太坊價格行情。這套策略讓SharpLink在業界聲名大噪。截至2025年8月，它是公開市場上第二大以太幣單一持有者，管理層言詞也透露將與BitMine競爭頭號寶座的強烈意圖。

The Ether Machine（DYNX/「ETHM」）——約34.5萬ETH：第三大以太坊金庫來自新興的The Ether Machine，該公司正透過SPAC（特殊目的收購公司）合併上市，計劃以「ETHM」為代號掛牌那斯達克。The Ether Machine背後有Blockchain.com、Kraken和Pantera Capital等知名加密投資者支持，目標打造最大的機構型以太坊公開投資載體，並已於上市初期便累積約34.5萬枚ETH（市值約13億美元）。根據新聞稿，2025年8月初The Ether Machine子公司已購入345,362枚ETH，展開長期囤幣布局。

The Ether Machine的策略不僅僅是被動持有ETH，還將積極參與以太坊生態。「我們的使命就是買進ETH、質押再質押，甚至直接投入鏈上運作，全程接受公開市場檢驗。」聯合創辦人暨董事長Andrew Keys說。他曾與以太坊共同創辦人Joe Lubin密切合作，將The Ether Machine定位為「以太坊收益與基礎設施企業」。公司目標透過質押（協助區塊鏈運作爭取網路獎勵）以及參與DeFi（去中心化金融）機會來為持有的以太幣創造回報，同時對股東進行透明揭露。The Ether Machine是透過與空殼SPAC公司Dynamix Corp（NASDAQ：DYNX）合併成立。該案於2025年7月公布，預計將募得16億美元專門購買以太幣。待年底併購完成後，The Ether Machine將以「ETHM」為代號正式掛牌，上市時資產負債表上的ETH將突破40萬枚。目前約34.5萬枚的持有量已讓其晉級為第三大企業金庫。該項目的投資人十分看好以太坊自身的優勢——「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.

和 Ether 一樣，”Keys 指出，強調質押和鏈上收益讓 ETH 成為一個值得持有的吸引力資產。在 Pantera 和 Kraken 這些重量級機構背後支持下，The Ether Machine 預計將成為機構進入以太坊的主要管道。

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 – 約 232,600 ETH：並非所有大型 ETH 持有者都是以營利為目的的公司。以太坊基金會（Ethereum Foundation, EF）在持有量排行榜上名列前茅，庫存約 232,600 ETH（約價值 9 億美元）。EF 為一個非營利組織，致力於支援以太坊協議的研發，自以太坊早期以來就持有大量 ETH 國庫。這些資金主要來源於以太坊的早期預挖及早期銷售，用來資助開發——本質上是以太坊核心開發和生態系統補助金的戰備金庫。EF 定期會動用或賣出部分 ETH，用於資助研究、開發和社區補助。事實上，基金會因多次在市場高點出售 ETH 而聞名（或臭名昭著）——例如在 2017 年牛市高點和 2021 年 11 月時皆大筆出貨，有些交易者將此視為市場頂部的訊號。截至 2025 年，EF 仍保留大量 ETH，但明顯較過去少（隨著時間分配給開發者和專案）。雖然 EF 不是公開公司，其國庫動向卻被視為以太坊財務健康狀況的重要指標。其位列前幾大持有者名單，證明網路主要管理者本身也持有高比例 ETH，看好其長期價值。

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「Sacrifice（犧牲）」錢包 – 約 166,300 ETH：前五名裡出現了相當特別的一筆——PulseChain Sacrifice 錢包，持有約 166,300 ETH（約 6.4 億美元）。PulseChain 是由加密人物 Richard Heart 發起的爭議性以太坊分叉計劃。2021-2022 年間，PulseChain 發起「犧牲」階段，支持者將 ETH（及其他代幣）發送到專屬地址，作為對專案承諾的象徵，以換取日後能獲得 PulseChain 代幣。因此，與 PulseChain 發行關聯的一個錢包累積了巨量 ETH。那個「犧牲」地址至今仍持有這些 ETH，成為現存最大規模之一的 ETH 儲備。基本上，這是群眾募資而集結的 ETH 處於閒置狀態；這筆資產的法律地位尚不明朗，因為既非傳統公司國庫，也未有創辦人針對其未來方向給出正式說明（部分人猜測實際掌控權在他手上）。儘管如此，這個錢包因數量龐大而被納入國庫指標追蹤。這反映出加密專案、創辦人也可能成為名義上的大型 ETH 持有者。PulseChain 錢包進入前五，說明不僅有公司，連加密網路與創辦人也能累積巨量 ETH ——不過本案是來自群眾募集，而非市場購買。

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

除了前五大之外，還有多家值得注意的以太幣國庫持有者出現在排行榜上：

• 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 136,800 ETH：美國主要加密貨幣交易所 Coinbase 在公司資產負債表上持有約 137,000 ETH（約 5 億美元以上）。作為上市公司，Coinbase 會揭露其加密投資；但這個數字與它託管的數十億美元客戶 ETH 相比仍然很小。這裡列入的是屬於其公司庫存或戰略儲備，不含客戶資產。這顯示 Coinbase 會將部分國庫以加密資產型態持有，視為策略性投資（就像其持有比特幣一般）。Coinbase 是榜單上比較特別的例子，因為其主業非 ETH 相關投資，而是交易所；但其持有量仍足以進入前十大。

• 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 120,300 ETH：Bit Digital 原為比特幣礦業公司，如今轉型為多元化加密企業，加入以太坊累積賽局。總部位於紐約，Bit Digital 在以太坊過渡至權益證明（PoS，傳統挖礦因此作廢）後，開始積極累積 ETH 並運行驗證者節點。目前持有約 120,000 ETH（約 4.6 億美元）。執行長 Sam Tabar 表示，公司打算在管理加密國庫上採取「更進取的風險曲線」，尋求高於平均報酬。該公司不僅質押 ETH，也正探索其他「alpha 操作」，包括潛在的 DeFi 策略。Bit Digital 從比特幣挖礦轉型到以太坊質押，體現礦工如何調整業務模式保持競爭力——在這個案例中，是成為大型 ETH 持有者以及收益追求者。

• 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 Treasury）– 約 101,900 ETH：Mantle 是一個加密專案與 DAO 組織，持有大規模的以太坊國庫資產。Mantle Network 為以太坊的第二層擴容網路，源於 BitDAO 社群。BitDAO 這個去中心化自治組織，靠發行代幣累積大規模國庫，包括可觀的 ETH。經 Mantle 品牌轉型後，現國庫擁有約 101,900 ETH（約 3.9 億美元）。這使得 Mantle DAO 成為最大 ETH 集體持有者之一。雖非傳統公司，本質卻是大型機構持有規模（由代幣持有人治理）。Mantle 國庫的目標在於資助生態發展，實際上也某種程度扮演投資基金角色，將資產配置到不同計劃。其大量 ETH 儲備代表對以太坊長期價值的信心，並用來支持 Mantle layer-2 鏈上的各種項目。Mantle 顯示 DAO 國庫在加密資產規模上可以和企業國庫匹敵。

• 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 100,700 ETH：Golem Foundation 是另一個持有大量 ETH 的非營利實體。Golem 作為去中心化運算專案，於 2016–2017 年 ICO 期間募得大筆 ETH。多數 ICO 所得仍以 ETH 形式保留，使 Golem Foundation 至今持有約 10 萬 ETH（約 3.8 億美元以上）。這國庫目的是資助 Golem 網路發展，基金會審慎資產管理（以及 ETH 價格自 ICO 以來大漲），使其仍保有大筆儲備。Golem 案例代表許多早期以太坊專案進行 ICO——那些持有部分 ETH 的專案，最後累積成龐大國庫。這凸顯以太坊最大持有者中，有許多其實是自身生態內募集且持幣的專案。

• 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）– 70,000 ETH：BTCS Inc. 是美國最早公開上市的區塊鏈公司之一（2014 年創立，最初名為「Bitcoin Shop」）。現於納斯達克掛牌，BTCS 約在 2017–2018 年從比特幣挖礦轉型至以太坊質押及區塊鏈基礎設施。目前國庫持有約 70,000 ETH（約 2.7 億美元）。BTCS 積極運用複雜的 DeFi 策略以最大化 ETH 回報——細節請見下一節。在執行長 Charles Allen 帶領下，公司不僅自己運營驗證者節點，也善用收益農場。例如 BTCS 公布曾將價值 1 億美元 ETH 存入 Aave（借貸協議），以此借出穩定幣再買更多 ETH 並質押。這種「槓桿循環」策略（或稱「飛輪」）旨在擴大 ETH 部位與收益，但也增加明顯風險。BTCS 的做法體現部分國庫公司為增加持幣量所採取的實驗性策略，處在精明與高風險的界線上。

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

最後值得一提的是兩個雖然未進入「前十大」但同樣重要的持幣方：

• 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 ETH：Gnosis 是以多重簽章錢包與 Gnosis Chain 著稱的專案，同樣以 ETH 募資，國庫約有 66,600 ETH（約 2.58 億美元）。作為 DAO 治理的國庫，這再次體現以太坊生態專案透過代幣銷售形成大規模 ETH 儲備。

• 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（被查扣資產）– 約 60,000 ETH：或許令人意外，美國政府也被列為 ETH 持有者——並非主動投資，而是透過查扣非法資產。執法機構打擊暗網市集、駭客等時，除了比特幣，也查扣了大量以太坊。根據追蹤資料，目前美國政府控制錢包約有 60,000 ETH（約 2.3 億美元）。通常這些資產之後會拍賣處分，但在任何一刻，「山姆大叔」都有可能成為知名加密「死撐」者。雖然這不是正式「國庫策略」，卻是個有趣註腳——政府金庫最終也會含有以太幣。

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，最大型的以太坊國庫持有者包括新成立的加密投資公司、特殊目的實體（SPV）、老牌交易所、DAO、專案基金會，甚至還有個性鮮明的區塊鏈分叉與美國政府。僅前五大（BitMine、SharpLink、Ether Machine、以太坊基金會與 PulseChain）合計就掌控約 210 萬顆 ETH——占總供應量重要比例。擴大來看，數十個實體合共持有近 300 萬 ETH。這波史無前例的機構級以太幣累積，是許多觀察家看好以太坊未來的主因之一。但正如以下所說，它也讓 Vitalik Buterin 對潛在風險感到擔憂。

Vitalik Buterin Backs the Trend – With a Warning

Vitalik Buterin 力挺此趨勢——但也警告風險

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

以太坊共同創辦人 Vitalik Buterin 對 ETH 國庫公司的崛起表達了既樂觀又謹慎的看法。一方面，他認為讓企業在國庫持有以太幣具有積極意義：「ETH 成為企業國庫資產，這是很正面、有價值的……給大家多一點選擇總是好事，」Buterin 於 8 月接受 Bankless 播客專訪時這樣說。Buterin 提到，當上市公司購買並持有以太幣，會讓這類資產有機會被更廣泛的投資族群接觸到……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 也發出了明確警告：這種有益的趨勢如果發展過頭，可能會變得危險。「如果有一天你把我從三年後叫醒，告訴我以太坊因為國庫操作而崩潰……我猜測的原因基本上就是它們變成了一場過度槓桿化的遊戲，」Buterin 警告道。他所擔心的情境，對於有經歷過加密貨幣牛熊循環的人來說並不陌生：公司可能會利用槓桿（即借來的錢或衍生性合約的投機）來擴大他們的 ETH 持倉。只要價格持續上升，這會非常賺錢。但如果 ETH 價格急劇下跌，過度槓桿化的部位將被強制平倉，引發連鎖拋售，進一步導致價格崩跌——這正是典型的「骨牌效應」。Buterin 描述了所謂「最壞情境下的連鎖反應」風險：價格下跌導致「連續強制平倉將代幣價格一路壓低」，不僅造成市場崩盤，甚至可能讓以太坊「喪失公信力」。

這並非空穴來風。加密產業過去就出現過類似的崩潰。最臭名昭著的例子之一就是 2022 年的 Terra/Luna 崩跌，一種過度槓桿化的算法穩定幣體系瓦解，抹去了數百億美元市值，並引發了更廣泛的市場下跌。Buterin 以戲謔的語氣提及這類事件：「我們現在談的這些公司可不是 Do Kwon 的信徒，」暗指 Terra 創辦人 Do Kwon 那種魯莽的策略導致了災難。Vitalik 的重點在於，目前這些以太坊國庫公司似乎是由較為理性的人士經營——「不是 Do Kwon 信徒」——他也期望 ETH 投資人有足夠的自律來避免這種崩潰。換言之，他相信這些持有 ETH 的公司經營者，不會像先前那些投機狂熱時期一樣重蹈覆轍。

儘管如此，這個風險確實存在：若有許多國庫公司以債務或複雜的 DeFi 操作極大化其 ETH 持倉，他們加總之下就有可能構成系統性風險。Buterin 強調，以太坊的成功「不該是以過度槓桿為代價」——因為這可能會毀掉一切。

值得注意的是，已經有跡象顯示 ETH 國庫存在槓桿行為。例如如前所述，BTCS Inc. 曾以持有的 ETH 為抵押借穩定幣，再用這些資金加碼買進更多 ETH 並進行質押，等於將其部位槓桿化。當 ETH 上漲時，這種策略可大幅增厚報酬（因為你用槓桿吃到比原本本金更多的上漲空間）。但如果 ETH 大跌，這類部位就有被強制平倉的風險——等於不得不將手中 ETH 抛售至市場。若多家機構大規模這樣操作，市場下跌時就會有好幾家同時殺出 ETH，進一步加速崩跌。這正是 Buterin 所警告的「骨牌效應」。

Vitalik 的立場可概括為「審慎樂觀」。他支持以太幣成為主流國庫資產、和現金或債券一起放在資產負債表上，因為這能證實以太坊的重要性，也幫助吸引更多投資人。但他最重要的呼籲就是 適度為之：只用少量槓桿，甚至最好不要用。重點應放在長期持有及負責任管理，不可把 ETH 國庫搞成投機性空中樓閣。「槓桿絕不能導致 ETH 滅亡，」他強調，以太坊的未來絕不該因為不可持續的金融工程而被賭上風險。

Buterin 的發言在社群內具有相當份量。他一方面表達支持，另一方面也提醒要謹慎——這等於公開對機構持有 ETH 的趨勢表示認同，同時設定了比較審慎的「遊戲規則」。他的評論也是在提醒那些國庫持幣公司：千萬別重蹈過往加密泡沫時的覆轍。以太坊創辦人親自關注這一趨勢，說明這件事的重要性。如接下來所述，這些公司確實有理性理由囤積 ETH——但激烈競爭下，有些機構也可能被誘惑，冒險跨足風險區域。

為什麼公司要大量累積以太幣（Ether）？

是什麼推動這波企業累積 ETH 的風潮？讓公司與投資人對持有 ETH 感興趣的原因如下：

1. 對以太坊長期價值的信心：首先，這些公司看好以太坊的長遠未來。他們認為，隨著以太坊在金融及科技領域的重要性日增，ETH 長期價值必將大幅成長。用 The Ether Machine 的 Andrew Keys 的話說，他們把 ETH 視為「最重要的網際網路資產」。以太坊區塊鏈是去中心化金融（DeFi）、穩定幣、NFT 及實體資產代幣化的基礎設施。若你相信以太坊持續擴展其應用與經濟活動，那麼持有 ETH 就等於擁有未來數位經濟基礎建設的一部分。這是一項對以太坊生態系發展的長期投資。像 BitMine 和 SharpLink 這類公司就明確表示，他們的策略是長期囤積 ETH 以創造價值，不做短線投機。BitMine 執行長 Jonathan Bates 表示，該公司「致力於以太坊長期發展」並據此執行國庫策略。總結來說，這些公司利益與以太坊成敗綁在一起——他們的命運等同 ETH 的價值，自然會有強大動機去促進和支持這個生態系。

2. 以太幣的收益能力（質押與 DeFi）：不像比特幣只能被動持有，ETH 是一種能產生收益的資產。以太坊轉向權益證明（PoS）共識後，ETH 可透過質押獲得收益。當前質押 ETH 作為驗證者，每年大約可拿到 3%~5% 的 ETH 報酬。這常被稱為「加密股息」或 DeFi 的無風險利率，因為只要將 ETH 鎖定在協議中，就會產生回報。對公司來說，這就像持有債券能吃利息一樣，只不過領到的是更多的以太幣。此外，除了「單純質押」之外，DeFi 世界裡還有提供流動性、收益農場、借貸等選項，可能進一步提升報酬（當然風險也更高）。舉例來說，新興 ETH 國庫公司 GameSquare Holdings 就瞄準了 8%~14% 的年化收益，除了質押還用更進階的 DeFi 策略。以太幣具備收益能力，成為一大吸引力。讓「持有 ETH」不再只是單純博價格漲幅，而是能當成一種產生現金流的資產。Andrew Keys 一語點出關鍵：「比特幣沒收益，但以太幣有。」對企業國庫而言，一項資產若能帶來現金流，更適合列在資產負債表上。有分析師甚至把 ETH 質押比喻為持有債券或國庫券——確保網路安全的同時可領固定報酬，還有額外升值的空間。「資本利得＋收益」的雙重好處，是企業瘋搶 ETH 的根本動因。

3. 資產分散與國庫策略 2.0：在高通膨、傳統資產收益低迷的年代，公司（尤其本就偏好加密的企業）會想尋找替代性的資金配置方式。持大量現金，會因通膨而縮水。比特幣已替加密貨幣做為國庫資產開啟大門（MicroStrategy 就是典型案例，買 BTC 的主要理由就是避免現金貶值）。以太坊則提供了類似的避險功能，且由於其市值較小、應用更廣，潛在上漲空間甚至更大。透過佈局以太幣，公司希望提升國庫績效與資產實力，若 ETH 升值資產負債表會同步受益。他們其實是在學 MicroStrategy 的方式：把法幣（或募來的資金）換成「更硬」的資產。有些公司如 BitMine 講得很白，直接把「每股加密資產淨值」當成績效指標——即每股持有多少 ETH，假設 ETH 上漲股東一起受益。這是一種全新範式：企業績效取決於公司每股持有多少加密貨幣，預期其長期超越法定資產。

4. 投資人對股票化加密曝險的需求：龐大投資人期待能通過更熟悉的管道（如股票）接觸加密資產。不是每一位投資人都能/願意直接買加密貨幣——可能因為監管、公司政策或心理門檻等。但他們都能買公司股票。以太坊國庫公司就剛好符合這種投資需求：針對希望抓住以太幣漲幅的股市玩家。這些公司因為持有 ETH，本質上就類似代理的以太坊 ETF，股東間接擁有公司手頭的以太幣。美國直到2025年為止，還沒有真正的現貨以太坊 ETF 通過監管前，這些公司填補了空白。用 Vitalik Buterin 的話來說，「讓大家有更多選項」根據各自財務條件得到 ETH 曝險。例如傳統基金可能被禁止直接買加密貨幣，但可以買股票——那麼添購 BitMine 或 SharpLink 股票就是把以太幣曝險納入組合的一種方式。這個市場動態已經——

[MARKDOWN LINKS:（略去翻譯）]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.

市場就鮮明地展現了這一點：BitMine 股票價格的倍增和巨大的交易量，反映了投資人多麼熱衷把它當作 ETH 代理工具。八月初的某一時刻，BitMine 單日股票成交額約為 16 億美元，躋身美國交易所成交量最大的股票之一──這正代表傳統資本正在透過股票市場流入，以取得加密貨幣曝險。簡言之，這些金庫型企業之所以存在，部分原因是需求方（投資人）希望它們存在。本質上，它們就是華爾街和以太坊之間的橋樑。

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. 質押與基礎建設業務綜效：有些公司不僅持有 ETH，也提供質押服務或以太坊基礎設施，產生了綜效。例如 BTCS 和 Bit Digital 都運營驗證者節點，並發展與質押相關的技術。他們自己持有並質押大量 ETH，不僅展示了自身實力，也直接獲得質押獎勵。接著，他們可將這些服務拓展給其他企業、機構或零售顧客，作為營運模式。同樣地，The Ether Machine 表示計畫提供「一站式基礎設施解決方案」給有意參與以太坊質押與區塊空間經濟的客戶。因此，對這些公司來說，ETH 金庫不只是投資，同時也是區塊鏈服務的營運資金。這讓他們的企業使命與以太坊的成長緊密對齊──以太坊活動越熱絡，對質押和驗證者的需求越大，早期大規模持幣的公司就越能受惠。執行得當的話，這是一個良性循環：大量持有 ETH 能成為主要驗證者，帶來收入與信譽，進一步吸引更多投資人與客戶，擴大持幣規模。

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：現在這些企業之間，人人都在爭奪「盡快擁有最多 ETH」的賽道。BitMine 的 Tom Lee 就曾提到，他們展現自己優勢的關鍵，就是單位股份加密資產增加的「速度」。那些早期行動的公司──像 BitMine、SharpLink 等──股價大漲，使他們得以募集更多資金（可用更高的價格發新股，或吸引更大型投資者）。然後，再用這些資金去買入更多 ETH，進一步提高底層資產價值。本質上，這形成一種飛輪效應：持有 ETH 讓牛市時公司股價上漲，增資又能購買更多 ETH──不斷強化。企業都想趁勢加快步伐，因為怕錯失良機──如果 ETH 價格持續上升，未來再買只會更貴，所以有動機現在就積極囤幣。每家公司都想躋身前幾大持幣者，取得聲望與投資人關注。實際上，他們常常公開發佈每一波 ETH 加倉新聞稿（每多買幾萬顆就公告），彰顯領先地位或安撫市場。在這個圈子裡，金庫中的 ETH 幾乎成了公司經營成果的指標。他們比的是誰「庫存最多」，就像傳統企業比的是營收或用戶量一樣。這也進一步解釋了為何金庫持幣急劇膨脹。

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. 與加密理念及社群的契合：有些企業動機來自對以太坊精神的真正認同。例如 BitMine 把加強以太坊生態系視為其企業使命之一；The Ether Machine 則強調強化以太坊基礎建設、與最忠誠的守護者攜手。這種半意識型態的動機，讓他們不單把 ETH 視為一個股票代號，而是他們真心想促進其成長的資產。大額持有和質押 ETH，提高了網路安全性（增加驗證者），亦有助於去中心化（視持幣分散狀況而定）。他們還常參與協議治理或支持開發者社群，以實質行動參與生態圈。這種理念上的契合，也是吸引懂加密的投資人的賣點：這些人會偏好積極貢獻而非單純囤幣的企業。反過來，這也讓企業獲得社群好感、合作機會、優先參與等無形資源，成為「以太坊冠軍」而不僅僅是逐利者。

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，企業積極囤積 ETH 的動機，結合了財務策略與技術信仰。以太幣同時具備高成長潛力和產生收益的特性，非常適合企業金庫增值。它既是對抗法幣貶值的避險工具，也是吸引資本市場投資的跳板，同時是參與新世代網路基礎建設的敲門磚。這些公司本質上就是在宣告：如果你相信 Web3 與去中心化金融的未來，為何不多持有網路的核心資產？這些企業高層談論 ETH，就像過去的人談論石油儲備或房地產──是未來霸主地位的根基。

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.

不過，正因為這些理由，也驅使部分企業採取愈來愈複雜且高風險的手法以追求極致收益，這又呼應了 Buterin 的警示。下個段落，我們將討論部分金庫型企業如何追逐收益，以及這代表什麼意義。

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

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.

從質押到 DeFi：金庫企業如何提升回報（及風險）

對許多金庫型企業來說，囤積 ETH 只是第一步。擁有這些以太幣後，如何去管理、運用它變得至關重要。這波趨勢的一大特點，就是這些企業並非只是把 ETH 冷錢包鎖好，很多公司正積極活用，以追求額外收益。這不僅意味著更高的潛在回報，同時也帶來體系風險。

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.

大規模質押：最直接操作方式，就是將手上的 ETH 押到以太坊 Beacon Chain 上，賺取協議獎勵（目前年化約 4-5%）。大多數主要玩家的確將大量持幣進行質押。質押不僅可帶來收入，也能讓 ETH 持倉隨時間複利（因為報酬是發放 ETH）。例如 SharpLink、BitMine 都指出已針對持幣進行質押，甚至進一步「再次質押」。這裡的「re-staking」是指利用流動質押代幣或其他機制，將已質押的 ETH 再投入 DeFi 以求更高收益（但同時增加複雜性）。透過質押，這些企業展現對以太坊安全機制的信心，也獲得參與網路驗證的權利──這可不是傳統企業金庫該做的事！某種程度上，這些公司既像投資基金、又像區塊鏈驗證者運營商。規模非常誇張：BitMine 目標持有全球 5% 以太幣，意味著將運營數萬個驗證者節點（每個 32 ETH）──質押徹底工業化。像 BTCS 則選擇自建驗證節點基礎設施，強化控制並最大化獲利。

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 挖礦與借貸：除核心質押外，也有不少金庫型企業開始進軍更廣泛的 DeFi 生態圈，以追逐更高收益。在這個領域裡，機會與風險兼具。舉例來說，正在躍升為 ETH 大戶的 GameSquare Holdings 公開制定計畫，打算透過去中心化交易所流動性提供、投資 Web3 遊戲資產，以及運用 DeFi 算法交易策略，將以太坊產生 8-14% 收益。他們與加密投資機構 Dialectic 合作，採用其自動化分配基金到最佳流動性池與收益農場的算法系統（稱為 “Medici”）。目標是在單純質押之外，「如果今年有 10 顆 ETH，明年希望至少有 11 顆」，積極讓持倉增長。這種做法實際上把金庫當對沖基金主動操作──主動交易、農耕挖 alpha 收益。

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（另一家新成立的 ETH 儲備公司）募得 4.25 億美元，並計畫與 DeFi 資產管理人（Electric Capital）合作，每年創造 3-10% 收益。Bit Digital 的高層也說過，會嘗試「alpha 策略」以獲得高於市場平均的報酬率，顯示他們也不會只滿足於基本質押利率。SharpLink 的 John Chard 也暗示「慎選部分 DeFi 項目投資，是把 ETH 納入資產負債表後的自然進階步驟」。訊息很明確：這些公司間已在掀起一波「ETH 活用大賽」。

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.

如果操作得當，這類策略將大幅提升股東回報，更加強化這些企業存在的正當性。他們可能實質變成主動型 ETH 基金經理，不只單純持有，還能增長持幣數量。對以太坊生態來說，幾百億美元級的 ETH 湧入 DeFi 協議，可能帶來革命性變化──提供更多流動性與使用率，推動新一波成長潮（部分人形容這會是「DeFi Summer 2.0」）。機構化資本積極尋找收益，有望進一步優化、成熟 DeFi 產業，就算只是帶來巨額資本量，也已經不容小覷。

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

槓桿與「飛輪」策略：然而，追逐收益的動力，也讓部分企業走向危險路線──槓桿操作。以 BTCS 的案例為例，他們的執行長透露，BTCS 把價值 1 億美元的 ETH 存入 Aave（一個 DeFi 借貸平台），接著以這些 ETH 作抵押借出 USDT 穩定幣，再用 USDT 回頭買更多 ETH 並將新購得的 ETH 質押。這本質上就是開出 ETH 槓桿多頭倉位：用同一筆本金，通過舉債（USDT 貸款）提高了 ETH 持有量。只要 ETH 的總報酬（收益＋價格上漲）高於借貸成本且價格不...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」機制可以加速贖回擔保品的速度，進而放大收益。但這正是引起外界關注的過度槓桿操作，類似於某些 DeFi 狂熱分子在牛市時會做的——不斷重複借貸與買進來最大化曝險。對於一家上市公司來說，這樣做可說是大膽甚至有些令人不安。BTCS 採取的方式可能是風險最高的那一類；其他公司則可能只會採取較為溫和的措施，例如將部分 ETH 用作擔保貸款以支應營運，或者做避險。

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.

使用槓桿的邏輯其實很簡單：如果你堅信 ETH 會持續上漲，那麼拿你的 ETH 做抵押來借錢再買更多 ETH 的確可以大幅提升獲利。此外，若你借入的是穩定幣，你還可能對新增買入的 ETH 賺取收益（例如質押），有時平台若激勵借貸，也能在借款方賺到收益。這樣本來只有 5% 報酬的操作，可能變成兩位數的年化利率。但風險在於 Vitalik 提醒過的連環清算情境。若 ETH 價格跌得太多，貸款就會被清算（協議直接賣掉抵押的 ETH 償還債務），價格往下壓，又可能觸發其他倉位接連被清算。一間公司在 DeFi 借貸違約，通常不至於讓 ETH 崩盤——DeFi 市場規模夠大，可以吸收部分衝擊。但若多家大型持有人都在下重槓桿注，嚴重的市場修正可能就會帶來麻煩。此外，也有連鎖蔓延風險——例如 A、B 兩家公司都在同一平台有巨額借貸，A 被清算撞低價格，B 也跟著被清算。這在加密圈的對沖基金和協議之間已發生過；如果這些金庫公司過度擴張，同樣可能發生。

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：並非所有公司都在從事高風險的操作。有些公司像是 BitMine 和 SharpLink，迄今的路徑都相當單純：募資、買 ETH、質押。Tom Lee 表示 BitMine 目前仍將重心放在質押，並謹慎規劃下一步的 DeFi 操作。SharpLink 的 John Chard 提到「有選擇地」參與 DeFi——也就是會謹慎，甚至只碰較成熟的項目。此外，這些公司具公開問責性，他們有董事會、審計師和股東要交代，比起那些不負責任的 DeFi 狂熱分子應更具紀律。Vitalik Buterin 也寄望這些管理人會做負責任的決策——的確，早期跡象顯示他們有記取 2022 年的崩盤教訓。沒有人想成為下一則加密災難的頭條。我們也可能看到一些風險控管措施如避險（例如槓桿加大時，用衍生品部分對沖 ETH 下跌），只是不常公開討論這些做法。

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.

另一項風險則是託管與安全。積極運用 ETH 在 DeFi 意味著這些公司的金庫會暴露於智能合約風險及駭客攻擊。一次駭客或漏洞即可讓資金被盜，對企業財務長來說這是毀滅性的事件。公司們大多會以選用知名協議、購買保險、部分資金冷錢包儲存等作法來分散風險。但這始終是權衡：越追逐收益，越曝險於 DeFi 的險境之中。

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.

總結來說，ETH 金庫公司的操作橫跨從保守的質押到大膽的 DeFi 策略。這一串策略譜將決定公司間誰贏誰輸——而整體上，它會形塑這股趨勢如何影響以太坊。若大多數公司都堅持理智策略並為健全協議注入流動性，他們實則能加固生態系（例如為借貸市場提供大量資本，使其更高效）。但若其中有人在槓桿操作上瘋狂追逐，最終或許會變成警世教材。Vitalik Buterin 的提醒，正是要他們記住自己是 ETH 供應中重要份額的管理人——能力越大，責任越大，正如那句老話。

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:

以太坊金庫公司的崛起，正對 ETH 市場動態及未來價格走勢產生深遠影響。從多頭角度來看，這些公司是新興的一大批長期持有者，能減少流通供給、增加需求，理論上推高價格。不過，他們的參與也為市場帶來新的複雜性與極端風險。我們來細分幾大影響：

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. 累積帶來的 ETH 價格上行壓力：無庸置疑，這些公司聯手買盤在 2025 年已對 ETH 價格造成顯著上行壓力。僅短短數月，金庫企業就從市場吸納了約 200 萬枚 ETH。換算下來，這已占總供應量的約 1.7%，而完成於相當短的期間。渣打銀行分析師預估，這些公司日後可能再累積 1,000 萬枚 ETH，等於近 10% 現有供應。如果這種需求成真，將對以太坊的供需平衡產生巨大作用。我們已見到 ETH 價格從 2025 年初的 $1,000 多美元上漲到 8 月接近 $3,800。儘管背後因素眾多（宏觀情緒、比特幣周期等），但機構層級的 ETH 累積被普遍認為是這波上漲的催化劑。每當像 BitMine 或 SharpLink 這樣的大公司宣布大額買進，就等於向市場宣示一大批 ETH 被從流通層鎖定到長線持有。不流通的稀缺效應有助支撐價格。此外，Druckenmiller、方舟投資（ARK Invest）等大牌的加持消息也提升多頭情緒，吸引更多其他投資人進場。簡言之，金庫累積產生了正向反饋迴圈——公司因為看多買進 ETH，他們的買盤又幫助價格上漲。

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. 流通供給降低（特別是質押狀態）：這些企業持有的 ETH 很多並非維持在隨時可賣的狀態，而是投入質押或各式鎖倉以賺取收益。被質押（無論是在官方合約或是流動性質押派生品）的 ETH 通常無法即刻變現——要解質有排隊期等。因此，部分 ETH 在中短期內實質被「凍結」在流通之外。到 2025 年，約 20% 全網 ETH 已被質押，金庫公司進場或將讓這數字再往上。較高的非流動供給一般來說可減緩平時賣壓，有利價格穩定。不過若需求急遽變化，流通稀少也會加劇波動度。但總體來看，若假設這些企業打算長期持有，其 ETH 不太容易隨便砸盤，反而可讓以太坊的投資人結構更堅實。這跟比特幣長線強手入袋的敘事有異曲同工之妙：當幣流入強力 HODL 手或長線信仰者（如企業金庫），修正時往往不會被輕易賣出，可能讓拋售深度變淺。

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. 以太坊主流合法化：光是有上市公司持有以太幣，就已讓無數投資人與監管機關對以太坊的觀感更加正面。幾年前，機構投資人可能會說 ETH 太過投機、難以「投資」。但現在，已有公司建構出以太坊為核心的商業模式，ETH 愈發像主流資產般獲得認可。這效果會自我強化：看到有公司投入且基礎設施逐漸完整，愈多機構願意配置 ETH（不論買這些公司股票或直接買幣）。舉例來說，若你是資產經理，可以舉證有多家那斯達克/紐約證交所上市公司持有 ETH 來說服自己和客戶進入加密領域。這讓以太坊的吸引力超出純加密社群。此外，此趨勢或會促使金融監管機關更認真考慮 ETH 相關投資產品（如 ETF），因明顯存在投資人興趣。雖然投機熱潮會招致監管打擊，廣泛且具聲譽的機構持有某資產，則多半會令監管採取更審慎的行動以避免損害投資人及企業利益。本質上，以太幣納入公司金庫，是其躍升為重點資產歷程中的一個里程碑，類似某些公司將黃金或科技股納入儲備金。

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. 市場波動與清算風險：從空頭或風險面來看，高度集中於少數企業手中的 ETH，可能形成潛在系統性缺口。若某個大戶金庫遇到財務困難，可能被迫迅速清算大量 ETH，導致市場劇烈震盪。例如，假設某領先金庫公司用槓桿過度舉債，最後補不了保證金，就必須在短時間內拋售數萬枚 ETH。加密市場過往經歷過交易所駭客或項目清算事件，雖可吸收部分衝擊，但仍會引發短期恐慌和價格失序。此外，若出現整體性市場下跌（如宏觀環境逆轉或監管衝擊），利用債務買 ETH 的金庫公司可能同步面臨壓力。這正是 Buterin 擔心的連鎖清算情境。雖然我們相信多數公司有做風控，但實際系統內的總槓桿仍難以充分掌握，因部分公司或用較隱晦的貸款或衍生品操作。有這種大玩家在，意味著我們必須關注新的風險指標，例如：有沒有哪間金庫快踩到債務契約？他們的股價是否暴跌（這可能...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.

限制他們籌集現金的能力並迫使他們變賣資產）？有趣的是，這些公司的股價在某種程度上可能會成為 ETH 市場情緒的領先指標——如果投資人對某家公司失去信心，這可能反映出他們對該公司所持有的 ETH 儲備或策略的擔憂，而這又可能進一步影響到 ETH 的展望。

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. 與散戶及 DeFi 市場的互動：另一個影響是這些金庫存量會如何影響散戶投資行為以及 DeFi 生態系。若數十億美元的機構 ETH 湧入 DeFi 協議，將可能壓低收益率（因為像 Aave 這樣的借貸者或流動性池變多，意味著大家的年化收益率會因競爭而下降）。這對市場穩定是好事，但可能導致散戶耕作收益減少。另一方面，他們的參與反而可提升對特定協議的信任及使用率（若大型上市公司開始用某 DeFi 平台，等於給予該協議的安全性和可行性投下信心票，可能吸引其他人跟進）。此外，這些公司亦可能成為 DeFi 專案治理中的重要角色——如果他們將 ETH 或代幣存入協議，就可能獲得投票權等權力，這也引發了關於去中心化與影響力的疑慮。截至目前，他們的態度看起來偏向合作（如與既有加密基金合作、採用現有平台），但隨著時間推移，他們可能會推動某些合規功能或風險限制，有可能改變 DeFi 的格局。

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. 長期供應分布與去中心化：值得注意的是，現在有相當部分的 ETH 被集中在公司或組織等中心化實體手中。雖然這些 ETH 分散在多家公司持有，但這已經偏離了加密貨幣主要掌握在去中心化群體手中的敘事。如果未來有 10-15% 的 ETH 最終落入十幾家或二十幾家實體手裡，有些人會擔憂會導致影響力的中心化。這些公司理論上甚至可以協調行動（無論是有意還是無意），對市場產生影響，或若他們用 ETH 參與治理投票，則可能對網路重大決策施加重大影響（雖然目前權益證明並未針對 協議升級設有代幣投票——那比較偏向社會共識——但在分叉選擇或支持提案等事項上，大戶持有人確實有較大聲量）。正面來看，這些公司自身的股東和董事會組成多元，因此不會集中在個人手裡，而是屬於受託責任的組織。此外，相較於比特幣現在單一公司（MicroStrategy）就持有超過 0.7% 的 BTC，以太坊的企業持有情況仍較為分散。這項發展將考驗以太坊的去中心化精神——網路能否保持可信中立、不受公司利益過度左右呢？目前還沒看到任何負面影響，但這是社群關注的焦點。

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. 價格發現及流動性提升：隨著大型機構玩家加入，我們可能看到更進階的 ETH 交易策略。例如，這些公司可能會運用期貨、選擇權、場外交易等來管理金庫，這些活動能增加整體市場流動性與深度。隨著其股票交易，甚至可能出現套利機會：如果某公司股票價格隱含其 ETH 持有價值（如「淨資產價值」），交易員就可能在該股票和 ETH 之間套利。過去 Grayscale 比特幣信託（GBTC）就曾出現類似情形（股價與比特幣價格之間的關係）。若未來 BitMine 這樣的公司，其股價相較每單位 ETH 持有量有溢價或折價，也可能產生類似效應。這樣的互動，長期下來有助於市場效率。另外，這些公司發布的財報、金庫動態等，也成為影響 ETH 價格波動的定期新聞事件。過去，加密幣主要受宏觀情勢、網路升級或散戶情緒左右，如今一間公司發個新聞稿就可能成為催化劑。

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. 新型以太坊週期的可能性：如果 2020-2021 年比特幣牛市部分受企業購買 BTC 金庫和機構採用推動，那麼以太坊 2025 的上漲似乎也正走向相似的路徑。有分析師推測，若這個趨勢加速，未來 ETH 可能會走向與 BTC 脫鉤或至少迎頭趕上其主導地位。眼下，隨著這些金庫敘事壯大，本輪週期 ETH 表現已逐漸拉近與比特幣的差距。以太坊「超音波貨幣」論（EIP-1559 後，ETH 供給甚至可能通縮）加上企業長期持有，正強化 ETH 身為價值儲存載體的定位，而不僅僅是技術平台代幣。如果數百萬枚 ETH 被金庫鎖定，更多又被質押或燒毀作為手續費，市場流通量將縮減，ETH 價格對需求高峰的反應就會更劇烈。有些看多人士甚至認為，ETH 有望在這些趨勢下重返四位數價位（至 2025 年 8 月時其實幾乎已經做到）。長期來看，如果超過 10% ETH 供應進入金庫，或許會看到更穩固的價格底部（企業傾向逢低買進或持有不賣）。

Of course, there is always the specter of something reversing the trend: if ETH were to suffer a major technical failure or regulatory ban, those corporate holders might rush for exits, magnifying a crash. Or if the concept of crypto treasuries fell out of favor (say, if stock investors sour on it due to a bad incident), these firms could divest. But as of now, the momentum is in the other direction – more entrants are coming.

當然，這一切也存在逆轉的風險：如果 ETH 遭遇重大技術故障或監管禁令，這些企業持有者可能會蜂擁出逃，加劇市場崩跌。又或者，加密金庫概念失寵（例如因某次意外導致股市投資者心灰意冷），這些公司也可能拋售持有。但目前為止，趨勢正朝相反方向發展——更多企業正陸續加入。

In fact, it’s not just the current roster: more companies are lining up to join the ETH treasury game. For example, new Ether-focused firms continue to raise capital and announce plans to go public. There’s a sense that we’re in the early innings of a broader trend where holding digital assets becomes commonplace for corporations. Ethereum, with its maturing ecosystem and yields, is particularly suited to this. Standard Chartered’s projection of an eventual 12 million ETH held by such entities suggests we may only have seen a fraction so far. If that prediction holds true, the supply shock and increased integration with TradFi could be even more dramatic.

事實上，不只是現有公司在參與：更多企業正在排隊準備進軍 ETH 金庫市場。例如，聚焦以太幣的新創公司不斷募資並計畫上市。大家普遍認為，持有數位資產將成為企業常態的趨勢才剛剛開始。以太坊憑藉其成熟的生態與收益條件，特別擅長引領這一波。渣打銀行預測未來此類實體將持有 1,200 萬枚 ETH，意味著現在看到的規模還只是冰山一角。若此預測成真，未來供給衝擊以及與傳統金融融合的效應將更加驚人。

In summary, the accumulation of ETH by treasury firms has been a tailwind for Ethereum’s price and adoption, but it also brings new considerations for market stability. The future price of ETH will likely be influenced not only by usage and macro trends, but also by the actions of these large holders. Ethereum is effectively getting financialized in a new way – it’s on corporate balance sheets now – which means its fortunes are tied to corporate finance dynamics as well as crypto-native ones. For Ethereum enthusiasts, the sight of companies racing to hoard ETH is validation of years of belief in the asset’s value. For skeptics, it might ring alarm bells of a hype-driven bubble. The truth may be a mix: a real recognition of ETH’s value proposition, with a dash of speculative fervor mixed in.

總結來說，企業金庫持續累積 ETH 推動了以太坊的價格與採用率，但也為市場穩定性帶來新的考量。未來以太幣價格很可能不僅受到使用量與宏觀走勢的影響，也將受這些大戶行為左右。現在以太坊正以前所未有的方式「金融化」——它成為公司資產負債表的主角之一，這意味著其命運同時與企業財務動態與本土加密經濟緊密結合。對以太坊信仰者來說，見到企業爭相囤積 ETH，無疑是多年來對資產價值信念的驗證；對懷疑者來說，也許這會引發泡沫警鐘。或許真相是兩者兼具：既有 ETH 價值主張被真正認可，也摻雜了些許投機情緒。

Conclusion: A Double-Edged Sword for Ethereum

結論：以太坊的雙刃劍

The emergence of Ethereum treasury firms marks a historic convergence between the traditional corporate world and the decentralized crypto realm. In a span of months, billions of dollars worth of Ether have migrated into corporate treasuries, signaling an unprecedented vote of confidence in Ethereum’s future. This trend has clearly contributed to Ethereum’s strong market performance in 2025, as companies lock away ETH in anticipation of future gains and yield. It has broadened Ethereum’s investor base, effectively allowing anyone with a brokerage account to partake in ETH’s journey via company stocks. In that sense, it’s a powerful validation: Ethereum is no longer just a tech platform for developers and crypto traders, but an asset worthy of corporate reserves, alongside cash, stocks, or gold.

以太坊金庫公司的出現，標誌著傳統企業界與去中心化加密領域的歷史交會。短短數月間，價值數十億美元的以太幣流入企業金庫，象徵對以太坊未來前景前所未有的信心表態。這一趨勢明顯推動了 2025 年以太坊強勁的市場表現，因為公司為了未來報酬與收益而鎖定 ETH。也擴大了以太坊的投資人基礎，實質上讓任何有證券帳戶的人都能藉由持有公司股票參與 ETH 的旅程。從這個角度而言，這是個強而有力的肯定——以太坊已經不僅只是開發者和幣圈交易者的技術平台，而是跟現金、股票、黃金一樣足以成為企業準備金的資產。

From a technology and adoption standpoint, this is largely good news. Capital from Wall Street is flowing into supporting and securing the Ethereum network (through staking and investment), potentially accelerating development and innovation. The prospect of treasury firms competing to provide liquidity and earn yield could inject fresh life into DeFi and related sectors, perhaps catalyzing the next wave of growth and user adoption (the “DeFi Summer 2.0” optimism). Ethereum’s ethos has always been about decentralization and broad participation, and now that participation extends to corporate entities bringing in big capital. If managed prudently, these firms could become pillars of the ecosystem – akin to how large institutional holders in traditional markets can sometimes stabilize things by acting with long-term perspectives.

就技術與應用層面來看，這大致屬於利多消息。來自華爾街的資本正流入以支持和強化以太坊網路（無論是透過質押或投資），有機會加速生態發展與創新。金庫企業之間為供應流動性和賺取收益而競爭的可能性，也能為 DeFi 與相關領域注入新活力，甚至推動下一波成長與用戶採用浪潮（所謂「DeFi 2.0 盛夏」的樂觀想像）。以太坊的精神一直是去中心化與廣泛參與，現在這份參與延伸到帶來大量資本的企業。如果經營得當，這些公司有望成為生態的支柱，就如傳統市場的大型機構持有者，有時反而能透過長期視角穩定市場。

However, as we’ve detailed, this trend is not without its perils. The chase for outsized returns introduces leverage and complexity that could amplify the pain in any future downturn. Ethereum has survived and thrived through many challenges, from the DAO hack to market crashes, largely thanks to its decentralized community of users, miners (previously), and developers. Now, a new stakeholder has entered the mix – profit-driven companies with shareholders to satisfy. Their incentives (maximizing profits) generally align with Ethereum’s success, but in moments of crisis, they could act in ways that exacerbate problems (for instance, selling under duress to meet financial obligations, whereas a decentralized community might be more inclined to hodl or support the network altruistically).

然而，如同前述，這個現象也潛藏風險。對超額報酬的追逐意味著槓桿與複雜金融操作的導入，一旦未來遭遇下跌，可能加劇市場陣痛。以太坊曾經歷 DAO 事件、市場崩跌等各種考驗，能夠挺過來，主要得益於其去中心化用戶、礦工（早期）及開發者組成的社群。如今，新型態的利益相關人加入——必須對股東負責的逐利企業。他們的誘因（獲利最大化）和以太坊的興盛多半一致，但在危機時刻，他們可能會為了自身利益而做出放大問題的動作（例如為了履行財務義務被迫拋售，而去中心化社群可能更傾向堅持持有甚至無私支援網路）。

Vitalik Buterin’s cautious endorsement perhaps sums it up best: having companies on board is a strong positive for Ethereum’s legitimacy and reach, but it must be handled responsibly to avoid unintended consequences. His plea against turning this into an overleveraged house of cards is a reminder that sustainable growth beats manic exuberance. The good news is that many of the individuals leading these firms – from Wall Street veterans to crypto natives

Vitalik Buterin 審慎的贊同也許是最好的總結：企業的參與大幅提升以太坊的正當性與影響力，但必須謹慎應對，才不會引發意料外的風險。他提醒大家不要把生態推向過度槓桿的「紙牌屋」，再度強調持續穩健成長優於一時瘋狂。值得慶幸的是，這些公司的領導者不乏具備傳統金融和加密領域經驗的專業人士……Certainly! Here is the translation to Traditional Chinese (zh-Hant-TW), following your formatting instructions to skip translation for existing markdown links.

– 很多人非常清楚過去的繁榮與蕭條。像 Tom Lee、Cathie Wood、Bill Miller、Andrew Keys 等這些參與者，都是有經驗和聲譽在背後作為賭注的人。這讓人有信心，相信這些以太幣金庫的大多數資金掌握在比較穩健的人手中，不太可能一次全部做出魯莽的押注。此外，上市公司的透明度意味著我們可以透過申報和揭露來了解他們的策略和健康狀況，希望在風險增加時能提前發現警訊。

對於一般的加密貨幣愛好者或投資人來說，以太坊金庫公司的崛起提供了一個觀察市場的新視角。現在已經不只是去中心化網路指標這麼簡單；要更全面掌握以太幣的需求，還必須關注企業新聞稿、股票表現，甚至監管機構的申報文件。這提升了複雜性，但也可能帶來穩定性與成熟度。以太坊正在成長，並以幾年前比特幣曾經的方式與傳統金融產生交集。

展望未來，如果以太坊繼續成長、這些公司也一起茁壯，我們可能會看到更多企業投入這個領域——也許是科技公司多元化管理他們的金庫資產，甚至專門圍繞 ETH 打造的 ETF 和基金（如果允許的話）。相反地，若發生任何意外——比如大型金庫公司倒閉——懷疑論者很可能會說「我早就說過」，並且暫時打擊市場信心。以太坊的社群和領導者必須持續保持警覺，確保大量資金的介入能提升，而不是削弱生態系統的韌性和價值。

總結來說，以太坊金庫公司是一項令人興奮但也雙面刃的發展。它們凸顯出以太幣作為全球搶手資產的崛起，並為市場注入了新的動力。這些公司正在擴大門檻與可接觸性，並或許透過鏈上的活動進一步促進創新。同時，它們也帶來了必須謹慎管理的新風險。隨著以太坊邁向下一個里程碑——無論是技術升級還是價格新高——這些大型持有者的行動將在過程中扮演關鍵角色。如果經營得當，這些公司的累積將放大以太坊的成長；但若操作不當，也可能成為動盪的來源——這一點以太坊的社群成員都非常清楚。

目前，數據說得很清楚：數十億美金的 ETH 正被前陣子還沒有持有它的實體所囤積，而且這種趨勢還沒有放緩的跡象。這證明了以太坊一路走來的發展，也預示著加密與傳統金融之間日益加深的相互依存。無論你是加密潔癖者還是市場務實派，這都是值得密切關注的重大進展，因為 ETH 價格與前景的未來，部分就掌握在這群新企業型持幣者手中。