Author: Sam Tabar

Compiler: Jiahua, ChainCatcher

I bought more ETH.

Not because of the cycle, nor the narrative. I examined the data, studied the asset, and determined that its pricing had deviated. When I see a pricing error, I take action.

But this decision is worth more than a single tweet. The questions it raises deserve our sincere exploration.

Framing it as "currency" is a mistake

The argument that "ETH is currency" represents the grandest vision of Ethereum's future development. I can understand its appeal. Currency is a coordination game that requires an extremely large and persistent belief consensus, large enough to become self-fulfilling.

Bitcoin is participating in this game, stripping away all other attributes to win.

In contrast, Ethereum chose practicality.

This choice means that ETH cannot win the currency coordination game like Bitcoin. But it also means that Ethereum has built something that Bitcoin has never attempted: a programmable settlement layer, on which the entire world is actively building today.

This is a fundamentally different asset with a different value proposition. Judging it by the logic of currency and calling it a failure is like scoring a railway based on whether it can become quality currency.

Value has landed

The most frequent criticism I hear is that the coordination challenges between Ethereum's layer, L2, developers, and the market have led to ecological fragmentation, causing ETH to miss its moment in the spotlight.

There is some truth to this statement. However, institutional capital does not need Ethereum to win any narrative war. What it needs is a reliable, battle-tested, programmable settlement layer. Stablecoins are being issued on Ethereum. U.S. Treasuries are being tokenized on Ethereum. AI agents' transactions are also beginning to settle on Ethereum.

All of this does not need to wait for narrative consensus. They are already happening.

When I decided to build around Ethereum, my logic was very straightforward: WhiteFiber provides us with the computing layer. ETH provides us with the settlement track. Computing and settlement are the two core elements needed for institutional finance to migrate on-chain.

Looking at the present, Ethereum is the only place that possesses both and has formed scale.

The story may still be in the making. But the track has already been put into use.

Betting is not wrong, the timing is

Many people have looked at ETH's price over the past two years and asserted that this trade is over. I believe they are focusing on the wrong catalysts.

Valuation re-evaluations will never come from retail chasing narratives. For an asset with such a large underlying infrastructure, that has always been a fragile cornerstone. The real catalyst is institutional demand, and institutional demand does not operate according to the timeline on crypto Twitter.

It will only act when the compliance framework is ready, when the custody track realistically exists, and when the regulatory environment is stable enough for CFOs to sign off on it.

That moment is much closer than what the current price reflects.

Why I bought

I want to express one point very clearly. I hold ETH because I have a fiduciary duty to make wise capital allocation decisions, and at the price I bought, ETH met that standard.

Setting aside those narratives, the essence of this asset is: it generates revenue. Our staking business had a gross profit margin of 94.7% in the first quarter. This is a business, not just a vision.

It provides security for the world's dominant smart contract platform, which processed trillions of dollars in transactions last year and is seeing increasing institutional trading volume every quarter. Moreover, I believe its trading price has a significant discount compared to the actual value of the infrastructure it powers.

I do not need ETH to become the world's reserve currency to own it. I just need it to maintain its current state and continue doing what it is doing.

With just this, it is enough for me to buy in. Likewise, this is enough for me to continue holding.

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