A mining company is quietly shifting its focus.

According to the latest disclosures, the company's total assets have reached approximately $14.2 billion. It sounds huge, but what’s truly noteworthy is the composition of these assets—4.14 million ETH, accounting for 3.43% of the total supply. From a pure mining enterprise, it has evolved into a substantial Ethereum reserve.

Even more interesting is the attitude of the management. The company's chairman stated in an interview that market conditions might adjust by the end of 2025, but this has not stopped their expansion efforts. On the contrary, the company has added another 32,977 ETH during this period, claiming to be the largest Ethereum buyer among new funds globally.

In terms of infrastructure, they are also making moves. A US validator network project called MAVAN is underway, expected to launch in early 2026, with the goal of building top-tier staking infrastructure. So far, the company has staked over 650,000 ETH, and recently added another 118,944 ETH.

The market has responded. The company's stock price rose by 2.91%, and at the same time, the price of Ethereum broke through $3,239.

Some compare this strategy to certain institutions in the Bitcoin space—except this time, the story is unfolding within the Ethereum ecosystem. Mining firms shifting toward asset accumulation, with staking yields becoming a new profit source—this may be an interesting example of the evolution in the crypto market.