From "Money Tree" to "ATM"? ETHZilla sells $74.5 million ETH to pay off debts, triggering a major test of the corporate encryption treasury model.The crypto market is witnessing a dramatic differentiation in corporate holdings strategies. ETHZilla, a company once endorsed by Peter Thiel and whose stock price soared, recently filed documents with the SEC, revealing that it has sold $74.5 million worth of Ethereum to pay off debts. This is the company's second cash-out after selling $40 million worth of Ethereum at the end of October, and its holdings have significantly shrunk from their peak. In stark contrast, another giant, Bitmine Immersion, is hoarding Ethereum at an unprecedented pace, with its holdings surpassing 4.06 million coins, valued at approximately $13.2 billion, accounting for 3.37% of the global total supply, firmly maintaining its position as the largest Ethereum corporate treasury in the world. This extreme phenomenon of "one selling, one hoarding" not only reveals the differences in survival strategies of different companies under the crypto winter but also prompts a profound reflection on the sustainability of the business model of "public company crypto treasuries" in the market.
MarketWhisper·2025-12-23 02:48