SharpLink Expands Ether Holdings With $290M Purchase; BitMine Still Leads Treasury Race
The corporate race to build the largest ether (ETH) treasury continues to heat up as SharpLink Gaming made another major purchase last week — but BitMine Immersion Technologies still holds the lead.
SharpLink (NASDAQ: SBET) disclosed on Tuesday that it acquired 77,210 ETH between July 21 and July 28, spending nearly $290 million at an average price of $3,756. The purchase lifts the Minneapolis-based firm’s total ETH holdings to 438,190 tokens, now valued at approximately $1.69 billion.
The company raised more than $279 million in net proceeds last week through its at-the-market (ATM) equity facility, continuing a rapid accumulation strategy launched on June 2. SharpLink has also generated 722 ETH in staking rewards and reported a 70% rise in its ETH concentration ratio — a metric comparing ether holdings to the company’s fully diluted share count.
Still, BitMine Immersion Technologies (NASDAQ: BMNR) remains the largest corporate holder of ETH. The Las Vegas-based firm announced it holds 625,000 ETH, valued at around $2.35 billion. BitMine also unveiled a $1 billion open-ended share buyback program, which it may use if its stock trades below its ether-backed net asset value, currently estimated at $22.76 per share.
BitMine Chairman Thomas Lee said the program reflects a strategic allocation decision as the firm works toward a long-term goal of holding 5% of Ethereum’s total supply — a benchmark he refers to as “the alchemy of 5%.”
The ongoing competition between SharpLink and BitMine has emerged as a defining subplot of ETH’s institutional adoption narrative, echoing earlier corporate strategies seen in the bitcoin space, particularly from firms like MicroStrategy.
SharpLink Co-CEO Joseph Chalom, a former BlackRock executive, highlighted the company’s commitment to ETH as a core treasury asset, aligning with Ethereum’s role in modernizing global finance.
Ether Holds Above $3,800 Ahead of Fed Decision
Ether continues to trade firmly above $3,800 despite investor caution ahead of the Federal Reserve’s policy announcement on Wednesday. No change to interest rates is expected, but Fed Chair Jerome Powell’s commentary could drive volatility.
ETH moved between $3,735.12 and $3,883.90 over the 24-hour period ending July 29 at 12:00 UTC, according to CoinDesk Research. A surge in demand around the $3,735 level — where over 207,000 units changed hands — helped propel the token to session highs, with $3,850 now serving as near-term support.
ETH has gained 56% over the past month, buoyed by rising demand from exchange-traded funds and aggressive corporate accumulation outpacing new token issuance.
