Ethereum News Today: BitMine SharpLink Raise Billions to Boost Ether Holdings

The corporate Ether acquisition race is heating up, with BitMine Immersion Technology and SharpLink leading the charge to secure significant capital for buying Ether. BitMine, the world’s largest corporate holder of Ether, has filed with the U.S. Securities and Exchange Commission (SEC) for a $24.5 billion at-the-market (ATM) stock offering to fund further Ether purchases. This move aligns with the firm’s stated goal of acquiring up to 5% of the total Ether supply [1].

Simultaneously, SharpLink, another major corporate crypto treasury firm, finalized a $389 million capital raise for institutional investors. The firm disclosed that most of the funds will be allocated to the purchase of Ether, alongside working capital needs and general corporate expenses [1]. With cumulative gross proceeds reaching $1.4 billion from over 71.5 million shares sold, SharpLink continues to expand its Ether holdings [1].

BitMine holds 1.2 billion Ether, valued at approximately $5 billion, while SharpLink holds 598,000 Ether, worth around $2.64 billion, according to data from StrategicEthReserve [1]. The growing interest in Ether as a secondary reserve asset is reflected in its rising price, which has climbed over 21% in the past week to $4,408. Ether is currently trading 9% below its previous all-time high of $4,890, recorded in November 2021 [1].

Gracy Chen, CEO of Bitget, noted that traditional financial institutions are increasingly recognizing Ethereum as a viable treasury asset, particularly with the rising demand for real-world asset tokenization [1]. Standard Chartered analysts have also forecasted that Ethereum-focused treasury firms could accumulate up to 10% of the total Ether supply in the long term, up from 1% as of July 29 [1].

These developments highlight a broader trend of corporate adoption and institutional interest in Ethereum, reinforcing its role as a strategic asset in the evolving digital finance landscape.

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Sources:

[1] title: Ether Treasury Race: BitMine, SharpLink Raise Billions

(url: https://cointelegraph.com/news/ether-treasury-race-bitmine-sharplink-raise-billions)