Ethereum · BitMine Immersion Technologies · CryptoSlate
Ethereum is splitting into three power centers and ETH treasury firms are paying for two
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Ethereum Institutional announced its launch on July 1, folding a year of the Foundation's go-to-market work into a group pitching Ethereum to banks and asset managers on tokenization and stablecoins.
Key facts
- The bear case starts with price, since Citi cut its 12-month ETH target to $2,240 from $3,175, citing thin ETF appetite and negative flows, and set a bear scenario at $1,094 against ETH's current
- Bitmine currently holds 5.70 million ETH, 4.7% of the total supply, alongside cash and marketable securities, bringing its balance sheet to $9.8 billion
- The bull case rests on a scale that already exists, as Ethereum carries about $157 billion in stablecoin value on the network, over half of the global stablecoin supply, and roughly $37.2 billion
- Citi projects the broader tokenization market will expand from about $17 billion today to $5.5 trillion by 2030, with a range of $2.7 trillion to $8.2 trillion
Summary
01 Ethereum Institutional launched July 1, while Ethlabs emerged days earlier to split institutional sales from treasury-backed R&D. 02 The new groups aim to push tokenization and stablecoins while preserving the Foundation’s neutral protocol role. 03 Both are funded by Bitmine, Sharplink, and Joe Lubin, raising questions if ETH weakness strains support and motives. Ethlabs, built by five former senior Ethereum Foundation (EF) researchers, surfaced days earlier with the goal of faster settlement and ETH's monetary case.