ETH Treasury Race Heats Up as SharpLink and Bitmine Surpass 500K ETH in Holdings

July 21, 2025 – A new era in corporate crypto strategy is unfolding as SharpLink Gaming (NASDAQ: SBET) and Bitmine Immersion Technologies (NASDAQ: BMNR) now collectively hold more than 500,000 ETH — a milestone that’s reshaping how public companies integrate Ethereum into their balance sheets.

In a dramatic shift away from treating crypto as a speculative side bet, these two companies are leading the charge toward ETH-first treasury models. Combined, their holdings now exceed those of the Ethereum Foundation itself, signaling a broader institutional pivot toward treating ETH as a strategic reserve asset.

Minneapolis-based SharpLink Gaming, a fan engagement and iGaming infrastructure firm, holds 280,706 ETH, currently valued at over $1 billion. The firm funded its accumulation through more than $400 million raised via at-the-market equity offerings. Importantly, SharpLink is not just holding; it actively stakes its ETH and reports an “ETH-per-share” metric to investors, aiming to provide transparency between traditional finance and the DeFi world.

But it’s Bitmine Immersion Technologies that now claims the top spot. Chaired by Fundstrat co-founder Tom Lee, Bitmine has amassed 300,657 ETH — worth approximately $1.13 billion. With roots in industrial crypto mining, Bitmine combines revenue from hosting operations with aggressive financial strategies, including the use of ETH options and derivatives. The firm is targeting a bold goal: to hold as much as 5% of Ethereum’s total circulating supply.

Lee has likened Bitmine’s ETH strategy to MicroStrategy’s high-profile Bitcoin play — raising capital to buy, stake, and strengthen its treasury over time. With backers including Peter Thiel, Bitmine is positioning itself as a long-term ETH-native institutional reserve.

The rivalry between these two ETH whales spilled into the public eye over the weekend when Ethereum co-founder Joseph Lubin commented on X, calling the unfolding race “cut-throat one-upmanship” — but also hinting at cooperation. “We will both compete, hard,” Lubin wrote, “but we might also hold hands and collaboratively explain the paradigm shift to decentralization.” He concluded with a competitive flourish: “Game on.”

Meanwhile, ETH’s price is reflecting this corporate buying pressure. The asset jumped 6.5% over the past 24 hours to reach $3,800, extending a week-long rally that now totals nearly 27%. As institutional demand accelerates, the strategies deployed by SharpLink and Bitmine appear to be playing a significant role in shaping Ethereum’s market trajectory.