Bitmine and SharpLink Push ETH Treasury Holdings Beyond 500K as Corporate Accumulation Accelerates
July 21, 2025 — Two publicly listed companies, Bitmine Immersion Technologies (NASDAQ: BMNR) and SharpLink Gaming (NASDAQ: SBET), have crossed a major milestone: together, they now hold over 500,000 ETH, a combined position valued at more than $2.1 billion — and larger than that of the Ethereum Foundation itself.
This surge in ETH accumulation underscores a significant evolution in corporate treasury management. Ethereum is no longer viewed by these firms as a speculative asset — it is being positioned as a strategic reserve, core to long-term financial planning.
Bitmine Immersion Technologies, chaired by Fundstrat co-founder Tom Lee, now leads all public companies with 300,657 ETH on its balance sheet, currently worth around $1.13 billion. The firm has adopted an aggressive acquisition model inspired by MicroStrategy’s approach to Bitcoin: raise capital, buy ETH, stake for yield, and expand. Bitmine is aiming to eventually hold up to 5% of Ethereum’s circulating supply. It funds its strategy through a mix of mining revenues, hosting services, and sophisticated use of ETH derivatives. Backers include prominent investors such as Peter Thiel, signaling deep conviction in the firm’s long-term Ethereum thesis.
Meanwhile, SharpLink Gaming has built a 280,706 ETH position, valued at just over $1 billion. The Minneapolis-based iGaming and fan engagement company financed its ETH accumulation through more than $400 million in at-the-market equity offerings. SharpLink actively stakes its holdings and reports an “ETH-per-share” metric to provide transparency to shareholders, effectively positioning itself as a public gateway to Ethereum’s decentralized economy.
The growing rivalry between the two firms spilled into public view over the weekend when Ethereum co-founder Joseph Lubin commented on the competition via X. Calling the dynamic “cut-throat one-upmanship,” Lubin noted that while the two may be locked in a race, there’s also potential for collaboration. “We will both compete, hard,” he wrote, “but we might also hold hands and collaboratively explain the paradigm shift to decentralization.” His message concluded with a now-viral phrase: “Game on.”
That competition is playing out visibly in the market. ETH rose 6.5% in the past 24 hours to trade near $3,800, extending a week-long rally of nearly 27%. With demand from corporate treasuries intensifying, Ethereum’s price momentum increasingly reflects not just investor sentiment, but large-scale institutional action.
As ETH finds its place on balance sheets alongside cash and treasuries, the emergence of Bitmine and SharpLink suggests a new model is taking shape — one where Ethereum is not just held, but actively integrated into corporate capital strategy.
