When Singapore's largest commercial bank, DBS Bank, disclosed its holdings of $1.2 billion in crypto assets, and mining company American Bitcoin raised its Bitcoin holdings to 5,044 coins, the picture of institutional-level crypto allocation became increasingly clear: traditional financial giants have established substantial exposure, while crypto-native enterprises continue to delve deeply into vertical fields, with both paths shaping the future landscape of the market.

1. Traditional Financial Giants: DBS Bank's $1.2 Billion Crypto Asset Balance Sheet

DBS Bank (SGX:D05) latest developments reveal the deep involvement of traditional financial institutions:

• Latest Transaction: Received 2,000 Ethereum (ETH) from Galaxy Digital, with a transaction value of approximately $6.27 million. This operation demonstrates its mature process of asset allocation through top compliance service providers.

• Overall Holdings: As of now, DBS holds approximately 158,770 ETH (valued at about $499 million) and 7,861 BTC (valued at about $706.5 million), totaling over $1.2 billion.

• Strategic Significance: As a systemically important bank in Asia, its publicly visible and substantial crypto asset holdings signify that such assets are no longer marginal experiments but have been formally incorporated into the balance sheets and asset allocation frameworks of mainstream financial institutions, providing a key template for the global banking industry.

1. Crypto-Native Path: The "Hash Power + Treasury" Dual-Drive of Mining Companies

American Bitcoin Corp (NASDAQ: ABTC) continuous accumulation represents a typical strategy of mining companies:

• Announced the purchase of an additional 261 Bitcoin (BTC), raising the company's total Bitcoin holdings to 5,044 BTC.

• The company clearly stated that the ongoing accumulation is an important part of its long-term mining operations and treasury strategy, aiming to expand hash power while strengthening asset reserves, forming a closed loop of "production (mining) + reserves (treasury)."

1. ETH Treasury Benchmark: BitMine Approaches 4 Million Milestone

BitMine (NYSE: BMNR), as a representative of Ethereum treasury-type listed companies, continues to shock the market with its latest disclosures:

• The latest ETH holdings have approached 3.97 million, maintaining its position among the top global enterprise holders of Ethereum.

• This move highlights its long-term strategic positioning of Ethereum as a core treasury asset, echoing MicroStrategy's Bitcoin strategy and validating ETH as "productive digital gold" in institutional narratives.

1. Trend Insights: The "Great Divergence Era" of Institutional Adoption Paths

From yesterday's developments, it is clear that institutional adoption has entered a "Great Divergence Era" characterized by distinct strategies:

1. Traditional Financial Institutions' "Allocation" Path: Like DBS, viewing BTC and ETH as new major asset classes, cautiously incorporating them into their vast global investment portfolios, pursuing risk diversification and exposure to emerging markets.

2. Crypto-Native Enterprises' "Strategic" Path: Like American Bitcoin and BitMine, deeply integrating core crypto assets into their business models (mining, treasury), pursuing industry dominance, asset control, and long-term conviction.

3. Maturation of Infrastructure: DBS's large operations through compliance service providers like Galaxy Digital indicate that the institutional-level channels connecting traditional capital and the crypto market have been fully opened and have become smooth.

According to data reports, over 40% of the top 100 banks globally have allocated crypto assets in the form of direct holdings, custody, or funds, with the participation of banks in the Asia-Pacific region growing the fastest.

DBS Bank's $1.2 billion holdings are not the endpoint but a clear footnote on the traditional financial world's acceptance of crypto assets. Together with American Bitcoin's 5,000 BTC and BitMine's 4 million ETH, it proclaims: institutionalization is no longer a singular narrative. The future has arrived, presenting a diverse, layered, and profoundly complex landscape.

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