SharpLink Boosts Ether Holdings to $1.69B, But BitMine Remains Treasury Leader

The corporate race to dominate ether (ETH) treasuries is heating up, with SharpLink Gaming (NASDAQ: SBET) continuing to scale its crypto holdings — though rival BitMine Immersion Technologies (NASDAQ: BMNR) still holds the lead.

SharpLink disclosed on Tuesday that it added 77,210 ETH to its treasury last week, a purchase worth approximately $290 million at an average price of $3,756. With this acquisition, the Minneapolis-based firm’s total ether holdings now stand at 438,190 ETH, valued at roughly $1.69 billion.

The company has been aggressively deploying capital since launching its ETH treasury strategy on June 2. Over the past week alone, SharpLink raised $279 million in net proceeds through its at-the-market (ATM) equity facility. It has also generated 722 ETH in staking rewards and reported a 70% increase in its ETH concentration ratio — a metric comparing ETH holdings to fully diluted shares.

Despite SharpLink’s rapid accumulation, BitMine Immersion Technologies remains the largest corporate holder of ETH.

Also on Tuesday, BitMine announced that its ether reserves have grown to 625,000 tokens, worth around $2.35 billion. The Las Vegas-based firm also revealed a new open-ended $1 billion share buyback program, giving it strategic flexibility to repurchase stock as an alternative to additional ETH purchases. Chairman Thomas Lee said the buyback reflects the company’s “expected return calculus” as it works toward its long-term objective of controlling 5% of Ethereum’s circulating supply.

The rivalry between BitMine and SharpLink is emerging as a central storyline in the institutional adoption of ether, echoing past strategies seen among bitcoin-focused firms like MicroStrategy.

Former BlackRock executive Joseph Chalom, now Co-CEO of SharpLink, emphasized the firm’s alignment with Ethereum’s long-term value and its central role in transforming global financial infrastructure.

ETH Price Holds Strong Ahead of Fed Decision

Ether remains resilient, trading above $3,800 despite broader macro uncertainty. According to CoinDesk Indices data, ETH hovered between $3,735.12 and $3,883.90 from July 28 at 13:00 UTC to July 29 at 12:00 UTC, reflecting a 4% intraday range.

A surge in buy volume at the $3,735 level — where over 207,000 units accumulated — helped push prices to a session high near $3,885. In the final hour of trading, ETH rose from $3,838.34 to $3,850.19, breaching key resistance with strong volume. That $3,850 zone now serves as support as traders await the U.S. Federal Reserve’s rate decision on Wednesday.

Markets expect the Fed to hold interest rates steady, though Chair Jerome Powell’s comments could introduce volatility.

Despite the looming policy announcement, ether has gained 56% over the past month, buoyed by strong inflows into spot ETFs and corporate treasuries outpacing new supply.