BitMine Raises $250 Million for Ethereum Strategy, SharpLink Gaming Holds 198,167 ETH

Fundstrat’s Tom Lee and Joe Lubin have made significant strides in advancing their respective Ethereum treasury strategies, mirroring the approach of MicroStrategy in the Bitcoin space. Lee has taken on the role of Chairman at BitMine, a company that will hold ETH as its primary reserve asset. BitMine recently announced a $250 million private placement to fund its Ethereum strategy, with the net proceeds earmarked for acquiring ETH. The company aims to become one of the largest publicly traded ETH holders and plans to close this private placement around July 3.

On the other hand, Joe Lubin, through SharpLink Gaming, has already established itself as the largest publicly traded Ethereum holder. SharpLink Gaming recently increased its total ETH holdings to 198,167, valued at $475 million. Between June 23 and 30, the company acquired 9,468 ETH for $22.8 million at an average price of $2,411 per ETH. Additionally, SharpLink Gaming raised an extra $24.4 million through its At-The-Market (ATM) facility, selling $2.5 million shares. The majority of these proceeds will be used for further Ethereum acquisitions. As of June 30th, 100% of SharpLink Gaming's ETH is staked, and the firm has earned 222 ETH in rewards since initiating its ETH treasury strategy.

Crypto commentator Eric Conner highlighted that Ethereum is entering its own MicroStrategy era, thanks to the initiatives of Lee and Lubin. Conner noted that BitMine’s proposed key performance indicator (KPI) of ‘ETH per share’ mirrors the strategy of MicroStrategy, with the added benefit of ETH earning yield through staking. Conner also pointed out that BitMine’s mining background allows it to set up validators and utilize DeFi protocols, transforming a previously capital-intensive operation into a cash-flow engine backed by Ethereum. SharpLink Gaming, under Lubin’s guidance, is already staking its ETH holdings and exploring other DeFi strategies, positioning ETH as both a reserve asset and a yielding bankroll.

Lubin has also suggested the possibility of adding leverage to SharpLink Gaming’s Ethereum strategy, similar to MicroStrategy’s approach. He mentioned that the company may consider convertible equity and issue bonds at low rates without compromising the strategy. This move would further solidify SharpLink Gaming’s position as a leader in the Ethereum space, following the successful model established by MicroStrategy in the Bitcoin market.