Corporate ETH Race Intensifies as Bitmine and SharpLink Surpass 500K ETH in Holdings
July 21, 2025 — A growing Ethereum treasury race is unfolding among publicly listed firms, as Bitmine Immersion Technologies (NASDAQ: BMNR) and SharpLink Gaming (NASDAQ: SBET) have collectively acquired over 500,000 ETH — a combined position now larger than that of the Ethereum Foundation.
Once considered unconventional, both companies are now setting the standard for Ethereum-first corporate strategy, reframing ETH as a core balance sheet asset rather than a speculative holding.
SharpLink Gaming, a Minneapolis-based iGaming and fan engagement firm, currently holds 280,706 ETH — valued at just over $1 billion. The company financed its ETH strategy through more than $400 million raised via at-the-market (ATM) equity offerings. In a move toward transparency and integration with the decentralized ecosystem, SharpLink stakes its ETH and reports an “ETH-per-share” figure to investors.
Meanwhile, Bitmine Immersion Technologies has taken the lead with 300,657 ETH, worth an estimated $1.13 billion. Chaired by Fundstrat co-founder Tom Lee, Bitmine is executing an aggressive play modeled after MicroStrategy’s Bitcoin approach — raising capital, acquiring ETH, and staking for yield. But Bitmine’s ambitions go even further: the company aims to control up to 5% of Ethereum’s circulating supply.
Bitmine’s strategy is fueled by revenue from its crypto mining and hosting operations and supplemented by financial instruments such as ETH derivatives. With backing from high-profile investors including Peter Thiel, Bitmine is positioning itself as a long-term, ETH-native reserve entity.
The rivalry between the two firms surfaced publicly over the weekend after Ethereum co-founder Joseph Lubin commented on the growing competition via X. Describing it as “cut-throat one-upmanship,” Lubin also noted the potential for joint advocacy. “We will both compete, hard,” he wrote. “But we might also hold hands and collaboratively explain the paradigm shift to decentralization.” He concluded with a direct challenge: “Game on.”
ETH’s recent price action appears to reflect the impact of this institutional accumulation. Over the past 24 hours, ETH has gained 6.5%, reaching $3,800 — pushing its weekly rally to nearly 27%. As public companies increasingly treat ETH as a strategic reserve asset, their buying pressure is quickly becoming a defining force in the market.
