Key figures in the two major fields of cryptocurrency and AI recently appeared simultaneously at an industry event. Behind this seemingly coincidental appearance, there is actually a reflection of the deep changes currently taking place in the digital asset ecosystem.

As the core founder of Ethereum, V神 has traditionally maintained a high level of vigilance against industry chaos. He has publicly issued warnings multiple times regarding excessive leverage by certain institutions, fearing that such risky actions could impact the entire Ethereum ecosystem. However, this time, he appeared at the shareholders' meeting of BitMine. Interestingly, BitMine is the largest Ethereum asset holder worldwide, with 4.1 million ETH locked in its account, representing 3.4% of the total circulating supply—this scale makes it the most significant institutional holder within the Ethereum ecosystem.

This "seemingly contradictory" behavior actually reveals a deeper logic of recognition. Rather than saying V神 changed his stance, it is more accurate to say that his understanding of treasury management is evolving. BitMine adopts transparent on-chain asset management, generating stable income through staking mechanisms. This approach is fundamentally different from the aggressive growth strategies of other institutions. The company even proposed a long-term goal of "accumulating 5% of the global ETH market," and this "on-chain treasury" operational model has, to some extent, become an important channel for realizing Ethereum's value.

From opposition to consensus, this shift may be a microcosm of the industry moving toward standardization and institutionalization. When institutions holding millions of assets are willing to operate transparently and integrate with the community, it is more pragmatic than confrontation.