SharpLink and Bitmine Battle for Dominance in ETH Treasury Race

SharpLink Gaming and Bitmine Immersion Technologies are competing to become the largest holders of ETH, with SharpLink currently holding 280,706 ETH worth $1 billion and Bitmine holding 300,657 ETH worth $1.13 billion. Both companies are staking their ETH for yield and positioning themselves as transparent bridges between regulated public equity markets and the decentralized finance ecosystem. This corporate arms race is contributing to ETH's market momentum, with the price climbing 6.5% in the past 24 hours.

In a rapidly evolving landscape, two companies, SharpLink Gaming and BitMine Immersion Technologies, are vying to become the largest holders of Ethereum (ETH). As of July 2, 2025, SharpLink Gaming holds 280,706 ETH worth approximately $1 billion, while BitMine Immersion Technologies holds 300,657 ETH worth $1.13 billion [1]. Both companies are employing strategic staking practices to generate yield and position themselves as transparent bridges between regulated public equity markets and the decentralized finance (DeFi) ecosystem.

SharpLink Gaming, originally a Minneapolis-based affiliate marketing and iGaming software firm, has been aggressively accumulating ETH. In late May, the company began its Ethereum treasury strategy, which included a $425 million private placement led by Consensys. The company has since become the largest corporate holder of ETH, surpassing the Ethereum Foundation in holdings [2]. SharpLink's stock has surged 113% in the past five days, reflecting investor confidence in the company's strategy [2].

BitMine Immersion Technologies, initially a Bitcoin mining operation, has shifted its focus to ETH. The company announced holdings exceeding $500 million in ETH on July 14, 2025, and has since doubled its holdings to surpass $1 billion [3]. BitMine's strategy mirrors MicroStrategy's Bitcoin approach but focuses exclusively on ETH, positioning it to benefit from potential 'sovereign puts' and staking yields [3]. The company's rapid accumulation of ETH has drawn attention from investors, including tech billionaire Peter Thiel's Founders Fund, which acquired a 9.1% stake in BitMine [3].

The corporate race to hold the largest ETH stash is contributing to the cryptocurrency's market momentum. ETH's price has climbed 6.5% in the past 24 hours, reaching $3,348 [2]. The increased institutional adoption and strategic accumulation of ETH by companies like SharpLink and BitMine are reshaping the future of the Ethereum network. As these companies stake their ETH, they gain influence over the network's security and governance, potentially driving innovation and adoption in the DeFi sector.

References:
[1] https://www.theblock.co/post/363055/sharplink-gaming-buys-68-million-eth
[2] https://coinmarketcap.com/academy/article/ethereum-news-bitmine-eth-holdings-surge-past-1-billion-as-corporate-treasury-race-intensifies
[3] https://www.prnewswire.com/news-releases/bitmine-immersion-now-holds-approximately-500-million-of-ethereum-to-advance-its-ethereum-treasury-strategy-302504282.html