When SharpLink's single purchase of ETH reached 39,008 coins (worth $177 million), and MicroStrategy swallowed another 4,048 BTC (worth $449.3 million) within a week. Yesterday, the total disclosed investment in crypto assets by publicly listed companies exceeded $500 million, marking an intense competition for institutional funds between the ETH and BTC camps.

1. ETH Offensive: SharpLink's Whales and Yunfeng Financial's Breakthrough

SharpLink (SBET)'s aggressive accumulation has set a new benchmark for institutional ETH:

• Scale and Cost: Acquired 39,008 ETH at an average price of $4,531, totaling approximately $177 million, raising its total holdings to 837,230 ETH (about $3.6 billion).

• Capital Engine: The company raised $46.6 million through ATM facilities during the same period, demonstrating its efficient execution of the "financing → coin purchase" cycle.

• Yield Accumulation: Its staking rewards have accumulated to 2,318 ETH, with an annualized yield of several million dollars, achieving a dual revenue model of "price difference + staking."

Yunfeng Financial (00376.HK)'s board resolution is of symbolic significance:

• Traditional Finance Entry: As a well-known financial institution, its board approved the purchase of ETH as a reserve asset, having accumulated 10,000 ETH with a total investment cost of $44 million.

• Strategic Intent: The funds come from the group's internal cash reserves, aimed at optimizing asset allocation and supporting Web3 and RWA sector layouts, reflecting the deep integration of traditional finance and the crypto ecosystem.

2. BTC Defense: MicroStrategy's Absolute Dominance and European Follow-up

MicroStrategy (MSTR)'s continuous purchases solidify its unshakeable position:

• Weekly Performance: From August 26 to September 1, it purchased 4,048 BTC for a total price of $449.3 million, increasing its total holdings to 636,505 BTC.

• Holding Value: Its total BTC reserve value has surpassed $76 billion, accounting for the vast majority of the company's total market value, making it a unique presence among publicly listed companies globally.

• Strategic Persistence: Despite BTC prices being at historical highs, its strategy of "continuous buying, never selling" has never wavered.

Sequans' steady accumulation represents a typical path for European companies:

• Increased Holdings: Acquired 34 BTC, raising its total holdings to 3,205 BTC. Although the single purchase size is not large, it reflects the execution of its long-term plan.

3. Trend Insights: Dual Narrative and Fund Differentiation

Yesterday's dynamics clearly outlined the two main lines of current institutional allocation:

1. ETH's "Productive Asset" Narrative: SharpLink's staking rewards and Yunfeng Financial's RWA layout reinforce the notion that ETH not only retains value but can also generate additional income through staking and ecological applications.

2. BTC's "Ultimate Reserve Asset" Narrative: MicroStrategy's continuous buying further solidifies BTC's status as the "ultimate reserve asset" in the digital world, with its operations resembling a central bank hoarding gold.

3. Fund Flow Differentiation: A significant amount of funds continues to flow into BTC, but ETH is attracting more institutional investors seeking compound returns due to its "productive" nature.

Data shows that institutional ETH staking volume increased by 17% week-over-week, far exceeding the inflow growth rate for BTC.

The $500 million single-day investment represents a direct confrontation between the ETH and BTC camps. SharpLink proves the value of ETH through massive purchases and staking rewards, while MicroStrategy defends BTC's king status with its relentless buying. For the market, this competition is undoubtedly healthy—it signifies more funds, more attention, and faster innovation flowing into the space.

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