大型公司正在积累数十亿美元的 以太坊， 他们押注这个区块链网络将成为未来金融体系的基础，而不仅仅是另一种投机的加密货币。 像BitMine Immersion Technologies这样的公司已拥有超过60亿美元的以太坊， 而Sharplink Gaming持有超过30亿美元，采用了类似于比特币 倡导者Michael Saylor在Strategy Inc.中的企业财库策略。
要知道的事：
- 公司财库正在将以太坊视为战略资产，BitMine持有超过60亿美元，Sharplink积累了30亿美元的以太坊
- 由机构需求和锁定供应的策略推动，以太坊自6月以来已飙升约75%，接近历史高位
- 尽管来自私人区块链网络的竞争构成风险，但主要金融机构将以太坊视为未来AI和华尔街融合的基础设施
公司的财库策略初现端倪
在曼哈顿前鲍厄里储蓄银行大楼举行的NextFin NYC活动上， 这一运动 获得了动力，数字资产高管们在此聚集，推动以太坊超越其作为交易代币的声誉。 BitMine Immersion Technologies的主席Tom Lee在大理石柱子和枝形吊灯下向与会者阐述了这一愿景。
“以太坊是华尔街与人工智能融合的地方，”Lee向观众宣布。
他公司的方法代表了一种根本性转变，即从简单地拥有加密货币转向围绕以太坊可编程区块链技术构建完整企业。
与比特币主要作为数字货币运作不同，以太坊作为一个支持自动化软件程序（即智能合约）的可编程账本。 这些合约无需传统银行中介即可处理交易、支付利息和管理贷款。 用户在每笔交易中支付以太坊费用，随着网络采用而增加需求。
以太坊联合创始人Joseph Lubin形容当前市场动态为“目前有点像竞赛”， 以努力锁定以太坊供应为目标。 这一策略旨在通过减少流通中的代币来改善供需基本面。 “如果我们锁定大量以太坊，而许多其他项目也锁定大量以太坊，这对供需动态非常有利,” Lubin在7月对彭博社表示。
市场动态与机构采纳
公司财库模式直接借鉴了Strategy Inc.的Michael Saylor， 他自2020年开始将公司转变为比特币累积者。 Strategy现在持有价值720亿美元的比特币。 Though BitMine's holdings represent approximately 1% of Ether's circulating supply, the company's ambitions mirror Saylor's strategy of creating scarcity through large-scale accumulation.
Lee projects that Ether's value could reach $60,000 from current levels around $4,300 if Wall Street institutions embrace Ethereum projects. However, the success of this strategy remains uncertain since Saylor's Bitcoin accumulation coincided with a historic cryptocurrency bull market.
Joseph Chalom, co-CEO of Sharplink Gaming and former BlackRock executive, explained the investment thesis during a Bloomberg Television appearance. "Michael Saylor at Strategy has proven over four years that owning the underlying is great, but through an ETH treasury strategy — through a liquid public company — you can have multiple of the value of the underlying for the benefit of the shareholders," he said.
Chalom helped launch BlackRock's Ether ETF during his tenure at the world's largest asset manager. The fund, trading under ticker ETHA, has accumulated approximately $16 billion in just over a year. BlackRock filed regulatory documents in July seeking to add staking capabilities to ETHA, which would allow retail investors to earn yield on their Ether holdings.
竞争挑战与市场风险
Despite its position as the busiest blockchain by on-chain value, Ethereum faces significant headwinds. Faster and cheaper competitors like Solana have reached record highs this year, challenging Ethereum's dominance. The network also struggles with a persistent shortage of fresh, committed buyers beyond existing cryptocurrency users.
主要金融机构正在开发可以完全绕过以太坊的私人区块链网络。
稳定币发行商Circle Internet Group正在创建一个受控网络， 以降低费用并将客户留在其内部。 Stripe Inc.据称也在追求类似的专有基础设施开发。
Critics warn that corporate treasury strategies carry inherent risks during market downturns. "People in crypto like treasury companies because they think that treasury companies will only ever buy and hold," said Omid Malekan, adjunct professor at Columbia Business School. "But there is no such thing as a free lunch. And what most people misunderstand is that there are scenarios in the future, particularly in a crypto bear market, where the treasury company may start selling."
Proponents counter that Ethereum's economics favor long-term holders. The network has low token issuance, and transaction fees are permanently destroyed, potentially shrinking supply over time. Corporate treasuries could amplify this scarcity effect, though the same mechanism could magnify selling pressure during bear markets.
理解关键的金融术语
Several financial concepts underpin the Ethereum investment thesis. Staking allows Ether holders to lock up tokens and help secure the network in exchange for yield, similar to dividend-paying stocks. Smart contracts are automated programs that execute predetermined conditions without human intervention. Supply-demand dynamics refer to the economic principle where limited supply and increasing demand typically drive higher prices.
Exchange-traded funds provide regulated investment vehicles for institutional and retail investors to gain cryptocurrency exposure without directly holding digital assets. Corporate treasury strategies involve companies holding significant amounts of specific assets on their balance sheets as strategic investments rather than operational necessities.
政治与机构支持增长
Ethereum's supporter base now extends from traditional finance to political circles. World Liberty Financial, a decentralized finance venture linked to Donald Trump's network, disclosed millions of dollars in Ether purchases this year. Eric Trump, co-founder of American Bitcoin Corp., has publicly supported Ether's price rally.
Standard Chartered raised its year-end Ether price target to $7,500 from $4,000. Ark Investment Management has similarly increased its long-term forecasts. These institutional endorsements represent a significant shift from Ethereum's early days as a niche technology project.
"Financial institutions see Ethereum as a natural choice," said Tomasz Stańczak, executive director of the Ethereum Foundation. "They understand what products have to be built, what can be improved, and where the efficiency gains are."
Most mainstream adoption remains limited to cryptocurrency trading rather than everyday financial tasks like payments or savings. Many Wall Street tokenization projects remain in testing phases. However, early adoption by artificial intelligence firms, payment companies, and large financial institutions suggests broader integration may be accelerating.
结论
公司财库正在大举押注，以太坊将成为下一代金融基础设施的基础， 尽管面临竞争威胁和市场不确定性。 这一策略的成功取决于这些公司是否能在未来的市场低谷中维持其持有量， 以及以太坊是否能超越其作为加密货币交易平台的当前角色。 以太是否能超越投机投资，成为这一机构采纳浪潮的终极考验。