BitMine and SharpLink Intensify Race for ETH Treasury Dominance
Ether (ETH) continues to trade resiliently above $3,800 as the competition between corporate ETH treasuries intensifies, with SharpLink Gaming (SBET) ramping up its holdings while BitMine Immersion Technologies (BMNR) maintains its lead.
SharpLink Boosts ETH Holdings to $1.69B
On Tuesday, SharpLink disclosed the purchase of an additional 77,210 ETH last week, valued at nearly $290 million based on an average purchase price of $3,756. The acquisition pushes the company’s total ether holdings to 438,190 ETH, currently worth about $1.69 billion.
The Minneapolis-based firm has been aggressively building its ether treasury since launching its strategy on June 2. In the week of July 21 alone, it raised $279 million in net proceeds through its at-the-market (ATM) equity facility. SharpLink has also generated 722 ETH in staking rewards, and its ETH-to-share concentration ratio has risen 70% since the initiative began.
BitMine Still Ahead With 625,000 ETH
Despite SharpLink’s rapid accumulation, BitMine Immersion Technologies remains the largest ETH-holding public firm. On the same day, the Las Vegas-based company reaffirmed it holds 625,000 ETH valued at approximately $2.35 billion.
Alongside its treasury update, BitMine announced a $1 billion open-ended share buyback program, signaling a willingness to repurchase shares when they trade below the firm’s estimated net asset value per share of $22.76. The stock is currently trading around $31.70, down sharply from a recent peak of $161.
Chairman Thomas Lee framed the move as part of BitMine’s long-term goal to control 5% of Ethereum’s total circulating supply — a strategy echoing earlier bitcoin-focused corporate treasury approaches.
ETH Price Holds Firm Ahead of Fed Meeting
Ether’s price has remained relatively stable despite broader macroeconomic uncertainty. As of Tuesday, ETH hovered above $3,800 amid investor anticipation of the Federal Reserve’s policy decision on Wednesday. While no interest rate change is expected, markets will be watching closely for signals from Chair Jerome Powell that could impact risk assets.
Technical analysis from CoinDesk Research shows ETH trading in a 4% range between $3,735.12 and $3,883.90 over the prior 24-hour period. A surge in buying at the $3,735 level helped drive the token to session highs. In late trading, ETH climbed above key resistance at $3,850, which now acts as short-term support.
With corporate accumulation and ETF demand outpacing supply, ETH has climbed 56% over the past month — signaling continued momentum as institutional interest in the asset class deepens.
