#以太坊投资机会 Seeing this wave of listed companies' crypto asset allocations, I feel a mix of emotions. From the ICO frenzy in 2017 to the current rational institutional deployment, we have taken many detours.

Back then, we witnessed numerous projects fall from heaven to hell—EOS crowdfunding, Tezos disputes, and even some star projects eventually fading away. But it was those failures that taught the market what "survival rules" mean. Now, with Strategy continuously expanding its BTC treasury and Twenty One Capital showcasing a holding of 43,500 coins on the first day, this is not speculation; it’s a strategic asset allocation awakening.

What’s even more interesting is the emergence of ETH and FIL. Republic Technologies increased its ETH holdings by 1570.6 coins, and Shuntai Holdings purchased Filecoin for mining collateral—indicating that institutions are beginning to differentiate the application value of various assets. This layered approach is very similar to the evolution of the Bitcoin market after 2013: from mere speculation to exploring practical application scenarios.

Ethereum is given significant importance in this allocation cycle, reflecting recognition of the long-term value of the smart contract ecosystem. Compared to projects that once boasted sky-high valuations but have now disappeared, ETH has survived to today—not only surviving but becoming a standard allocation for listed companies. This in itself is the best proof of its vitality.

History tells us that assets truly worth allocating are often those that have endured cycles and still maintain vitality. When institutions vote with real money, bubbles are bound to burst.