#以太坊投资机会 When I saw this weekly report, I was thinking about a question—why are listed companies now starting to deploy Ethereum?

Ten years ago, institutional investors looked down on things like Ethereum. Back then, Bitcoin was already controversial enough, and Ethereum was considered a toy for some geeks. I remember around 2015, friends in traditional finance who heard me mention smart contracts looked at me like I was talking about a scam.

But this time is different. Republic Technologies increased their holdings by 742 ETH, with an average cost of $2,700. What does this number indicate? It shows they are serious about their calculations. They’re not just following the trend; it’s based on some asset allocation logic. More importantly, they have reserved $10 million for further expansion. This is no small matter.

Compared to the frenzy of 2017 and the crash of 2018, I see a completely different way of participation. Back then, institutional entry was about chasing high prices; now, it’s about systematic layout within a multi-chain, multi-asset framework. Look at how Strategy and Twenty One Capital are doing— they’re not isolated in buying Bitcoin or Ethereum, but building a treasury ecosystem. Filecoin has also been included in their allocation, indicating they have upgraded from simple price speculation to asset portfolio management.

This is like history repeating a pattern: whenever mainstream capital begins to diversify into a certain asset class, it signifies that this asset is transitioning from "risk speculation" to a "strategic allocation" critical point. Ethereum is at this position. Its infrastructure has matured enough to be included in corporate balance sheets, which in itself is a form of recognition.

However, I also want to remind you—this acceleration in allocation often becomes most apparent in the late stage of a bull market. A seemingly healthy diversified layout can sometimes be a sign of risk accumulation. History has shown me that the top of each cycle is when participants are most confident.