BitMine’s $24.5B Stock Offer Puts Vitalik’s ETH Warning to the Test: ‘Leveraged Poker or Future of Finance?’
Ethereum’s co-founder once called crypto speculation 'leveraged poker'—now BitMine’s $24.5B stock deal forces the question: Is ETH becoming the casino he feared?
Wall Street’s latest crypto gambit turns blockchain into a high-stakes trading chip.
When Vitalik Buterin warned against turning Ethereum into a leveraged casino, he wasn’t kidding. Enter BitMine’s eyebrow-raising $24.5 billion stock offer—a move that either validates crypto’s institutional future or proves the maximalists right about 'number go up' mentality.
Finance traditionalists scoff while bagholders cheer. The irony? Both might be right.
The corporate ETH gold rush: Who holds what, and at what risk?
BitMine’s 1.15 million ETH treasury, worth roughly $5 billion at current prices, now dwarfs every other corporate holder, including Joe Lubin’s SharpLink and The Ether Machine, which hold 598,800 ETH and 345,400 ETH, respectively.
Even the ethereum Foundation, long the network’s largest non-corporate stakeholder, holds just 232,600 ETH by comparison. This aggressive accumulation has propelled Ethereum’s price upward, with ETH gaining 5.4% in 24 hours following BitMine’s latest filing, according to crypto.news data. The trend mirrors Bitcoin’s 2020-2021 bull run, when Strategy’s treasury buys became a self-fulfilling price catalyst.
Ethereum co-founder Vitalik Buterin acknowledges the upside of this corporate embrace. In a recent Bankless podcast interview, the Ethereum co-founder argued that publicly traded holders like BitMine broaden ETH’s investor base, offering exposure to those who “can’t or won’t” hold the asset directly.
Are ETH Treasuries good for Ethereum?@VitalikButerin thinks they can be:
“ETH just being an asset that companies can have as part of their treasury is good and valuable… giving people more options is good.”
But he also issues a warning:
“If you woke me up 3 years from now… pic.twitter.com/W55oUD7Lke
Yet he remains cautious, warning that overleveraging could transform these holdings into a precarious, high-stakes game of “leveraged poker.” Despite his concerns, Buterin expressed confidence that today’s ETH holders are disciplined enough to avoid cascading failures.
Still, some industry insiders point out a sharp contrast in his stance compared to last year, when he criticized Bitcoin treasury companies and questioned the long-term wisdom of institutional accumulation strategies that invite regulatory capture.
From ‘batshit insane’ to qualified blessing: Buterin’s contradictory stance
Just last year, the Ethereum co-founder dismissed bitcoin treasury strategies as “batshit insane,” mocking Michael Saylor’s reliance on “regulated public entities” like BlackRock to legitimize crypto.
The contradiction hasn’t gone unnoticed. Pierre Rochard, CEO of The Bitcoin Bond Company, was among the first to highlight Buterin’s pivot. Where Bitcoin’s corporate adoption drew his ire, Ethereum’s gets a qualified blessing, a discrepancy that underscores how deeply tribal narratives still run in crypto.
Vitalik on bitcoin treasury companies: “not what crypto is about”
Vitalik on Ethereum treasury companies: “good and valuable” pic.twitter.com/RhntscVudG
For now, the market seems content to follow the money. BitMine’s stock surged 14.7% this week, and Tom Lee’s prediction of a “$30,000 ETH” gains traction. But as treasury balances swell, so does the risk of a liquidity crisis. Buterin’s warning lingers: if these bets turn sour, the fallout could Ripple far beyond Wall Street. The music hasn’t stopped yet, but when it does, the dance floor is getting crowded.
