In 35 days, a massive accumulation of 830,000 ETH! BitMine (BMNR) has become the largest enterprise holder of Ethereum, with stock prices skyrocketing by 650% since the end of June. Nasdaq-listed BitMine Immersion announced on August 5 that it holds over $3 billion worth of 833,137 Ethereum (ETH), making it the largest institutional holder of ETH globally. Its average build position cost is only $3,491.86, completing the Coin Hoarding plan in just 35 days. Under the direction of Wall Street pro Tom Lee (founder of Fundstrat), the company's stock price has surged by 650% since the end of June. This article analyzes how BitMine's aggressive coin-holding strategy replicates MicroStrategy's successful path and its demonstration effect on institutional ETH allocation. Lightning Coin Hoarding: Disruptive Records in Cost and Scale The core data disclosed by BitMine has shaken the market: • Holdings scale: 833,137 ETH (approximately $3.06 billion), surpassing all listed companies' ETH holdings • Accumulation speed: Completed hoarding in 35 days, averaging 23,800 ETH purchased daily • Cost control: Average price of $3,491.86, with unrealized gains of 5.4% compared to the current coin price ($3,679) • Capital ranking: Ranks as the third largest listed company crypto asset repository with pure ETH holdings, following MicroStrategy (MSTR, $7.2 billion BTC) and Marathon Digital (MARA, BTC mining company) Strategic mastermind: Tom Lee's institutional layout This coin hoarding action is led by Wall Street's top analyst Tom Lee, whose public statements reveal strategic logic: 1. Paradigm shift: Declared in June that 'Ethereum is becoming the next Bitcoin', predicting a shift in institutional funds 2. Liquidity premium: Emphasized the dual advantage of 'rapidly increasing each share's net asset value (NAV) with high liquidity of stocks' 3. ETF linkage: Precisely betting on a 46% surge (30-day increase) following the approval of the U.S. ETH spot ETF The capital market's crazy response: stock prices skyrocketing by 650% The market has enthusiastically responded to the coin-holding strategy: • BitMine (BMNR)'s stock price has soared by 650% since the end of June, currently reported at $32 per share • Daily trading volume exceeded $120 million, setting a record for Nasdaq mining stocks This phenomenon verifies the capital closed-loop model of 'holding coins → increasing NAV → boosting stock prices', attracting more listed companies to follow suit. Currently, at least seven U.S. companies are known to hold ETH, SOL, and other alts, with short-term stock prices showing excess returns. The Deep Impact of Institutional Coin Holding BitMine's aggressive strategy will create a chain reaction: • Cost anchoring effect: $3,491 becomes the psychological defense line for institutional ETH holdings • Liquidity siphoning: Large OTC transactions will intensify market supply tightening • Compliance holding paradigm: Replicating MicroStrategy's BTC holding financial reporting standards As BlackRock and other ETH spot ETF custodians continue to accumulate (net inflow of $9.5 billion this year), the competition for circulating ETH between institutions and listed companies will heat up. Conclusion: BitMine's lightning-fast accumulation of 830,000 ETH in 35 days marks the aggressive phase of institutional funds allocating to Ethereum. Its cost price of $3,491 not only creates a strong support level but may also trigger a 'coin-holding competition' among listed companies. Retail investors should pay attention to two signals: buying opportunities near the institutional coin-holding cost line and the volatility risks of U.S. crypto concept stocks as earnings season approaches. As MicroStrategy's successful path is replicated by ETH holders, the institutionalization process of the crypto market is unstoppable.