Main Points:
- Arthur Hayes reverses his bearish stance by buying back ~$10.5 million in ETH, LDO, and other tokens at significantly higher prices.
- ETH rallies ~20% in a week: from ~$3,500 to ~$4,200.
- Institutional and corporate treasury demand surges—ETH treasury companies and ETFs each acquired ~1.6% of circulating ETH since June; publicly traded firms now hold substantial ETH reserves.
- BitMine becomes the largest publicly traded ETH holder, aiming for 5% of total supply.
- Corporate treasuries hold ~$3.5 billion in ETH, favored over Bitcoin for yield (staking) and practicality in DeFi.
1. Arthur Hayes’ Dramatic Reversal
Arthur Hayes, co-founder of BitMEX, initially sold approximately $8.32 million worth of Ethereum—around 2,373 ETH when prices hovered near $3,507—citing headwinds like tariffs, weak U.S. job data, and economic fragility. However, in an abrupt U‑turn just days later, he re-entered the market, purchasing around $10.5 million in ETH at prices above $4,150. He humorously acknowledged his trading miscue on X, tweeting “Had to buy it all back … I pinky swear, I’ll never take profit again”.
This swift pivot came amid a ~20 % rally in ETH’s price—rising from ~$3,500 to over $4,200, signaling renewed short‑term bullish sentiment.
2. Institutional and Whale Accumulation
A broader wave of accumulation is underway beyond Hayes. Institutional players and whales are actively acquiring ETH, LDO, ETHFI, and PENDLE, with one fat-finger whale reportedly buying $946 million in ETH amid a 42 % 30‑day surge. Additionally, public companies now hold roughly $3.5 billion in ETH, up sharply from just 116,000 ETH at the end of 2024.
3. Ethereum Treasury Companies vs. Spot ETFs
According to Standard Chartered, Ethereum treasury firms have bought around 1.6 % of the circulating supply since June—matching spot ETH ETFs in purchasing volume. Their valuation metrics (NAV multiples) have normalized and are hovering just above 1.0, indicating fair pricing versus the ETH they hold. Analysts argue that these treasury companies are more attractive than spot ETFs because they offer staking yields, regulatory arbitrage, and increasing ETH-per-share dynamics—benefits that ETFs cannot provide.
4. BitMine’s Rapid Ascent
BitMine Immersion Technologies has emerged as the largest publicly traded ETH holder, accumulating over 833,000 ETH (worth ~$2.9 billion) in just a little over a month since late June 2025. Chairman Tom Lee revealed aggressive ambitions to control 5 % of ETH’s total supply. BitMine’s strategic pivot from Bitcoin mining to an Ether-focused treasury has caught investor attention, with shares soaring from $4.26 to ~$31.50, while ETH itself rallied ~4.5 % on the announcement day.
5. ETH’s Appeal as a Treasury Asset
Small public companies increasingly view Ether as a superior treasury instrument compared to Bitcoin. With staking yields of 3–4 %, ETH provides active income, is cost-effective, credible, and underpins a rich ecosystem of DeFi applications. Executives liken holding ETH to owning oil for the decentralized finance era, contrasting Bitcoin’s singular role as a store of value. Yet, adoption still faces challenges in volatility, regulatory uncertainty—especially around staking—and custody concerns, making many CFOs cautious.
Conclusion
Arthur Hayes’ abrupt about-face—from bearish sell-off to bullish buyback—embodies the volatility and unpredictability of crypto markets, even at the highest levels. More importantly, the surge in institutional and corporate demand—driven by staking yields, diversification, and long-term positioning—signals a maturing narrative for Ether. With treasury companies aggressively accumulating ETH and outperforming ETFs in value delivery, Ethereum is emerging as a strategic asset for those seeking growth, yield, and blockchain utility. For professionals exploring new crypto opportunities, real income-generating tokens, or enterprise blockchain use cases, this period offers a compelling live case study—and potentially, a profitable entry point.
