4E: BitMine holds over 3.5 million Ether, with significant performance differentiation among mining companies, and a surge in stablecoin mergers and acquisitions

According to 4E observations, the U.S. stock market's cryptocurrency sector experienced significant fluctuations during Monday's night trading. BitMine Immersion Technologies (BMNR) surged 5.7% during the session, as the company disclosed that its cryptocurrency and cash holdings reached $13.2 billion, including 3.5 million Ether, accounting for 2.9% of the total ETH supply. Following the announcement, investor sentiment improved, with Bitcoin and Ethereum rising 1.6% and 1%, respectively.

Meanwhile, the performance of several mining companies showed divergence. Bitdeer (BTDR) reported a 174% increase in revenue for the third quarter but suffered a loss of $266 million due to the revaluation of convertible bonds, leading to a 20% drop in stock price; TeraWulf (WULF) saw an 87% year-over-year revenue increase, yet its stock price still fell by 1.3%; CleanSpark (CLSK) announced plans to issue $1 billion in convertible bonds for expansion and buybacks, signaling a new wave of financing interest in the mining sector.

On the institutional side, the proportion of traditional hedge funds holding cryptocurrencies rose to 55%, with Bitcoin and Ethereum remaining mainstream asset allocations. Additionally, according to Reuters, the "Digital Asset Treasury Company" (DAT) reported that its total crypto asset holdings increased to $150 billion, with some companies shifting towards lesser-known tokens in pursuit of higher returns, indicating a diversification in funding structures.

In terms of policy and mergers, the Bank of England proposed that stablecoin issuers could invest 60% of their reserves in short-term government bonds; Coinbase plans to acquire stablecoin infrastructure BVNK for approximately $2 billion, which could become the largest merger in the stablecoin sector's history.

4E Commentary: The balance sheets of cryptocurrency companies are rapidly becoming "crypto-ized," with the trends of institutional holdings and corporate reserves overlapping, leading to a deeper integration of crypto assets with traditional finance. However, against the backdrop of increasing regulatory scrutiny and market liquidity divergence, the focus of funding structures is shifting from "mining expansion" to "asset allocation," accelerating a new round of industry reshuffling.