BitMine and SharpLink Lead Corporate Ethereum Race With Billions in Treasury Assets

Institutional Accumulation Pushes Ethereum Treasuries to Historic Levels

BitMine Immersion Technologies expanded its Ethereum holdings at a record pace on August 16, 2025, acquiring 135,135 ETH worth $600 million within just ten hours through institutional platforms FalconX, Galaxy Digital, and BitGo. The purchase lifted its total treasury to 1.297 million ETH, valued at $5.77 billion, cementing its status as the largest corporate holder of Ethereum globally. Only days earlier, BitMine’s ETH stash was valued at $4.96 billion, highlighting the sharp impact of its latest move on its balance sheet. 

The company has also announced plans to raise $24.5 billion via an at-the-market stock offering, with a large portion earmarked for further ETH accumulation, a strategy analysts say mirrors MicroStrategy’s Bitcoin playbook. Beyond simple acquisition, BitMine is staking its treasury assets to capture yields of 1.7–2.2% annually, while its stock has surged over 480% year-to-date as institutional investors, including Peter Thiel and Cathie Wood, back its pivot toward Ethereum as a reserve asset.

SharpLink Gaming consolidated its position as the second-largest corporate Ethereum holder on August 15, 2025, confirming that its treasury reached 728,804 ETH, valued at approximately $3.3 billion by the end of the second quarter. 

The company generated 1,326 ETH in staking rewards during the quarter but reported a $103.4 million net loss, driven largely by non-cash impairments on its liquid-staked Ethereum. SharpLink raised $2.6 billion through a combination of PIPE financing, at-the-market offerings, and registered direct offerings to fund its rapid accumulation, while adding further credibility by appointing Ethereum co-founder and ConsenSys CEO Joseph Lubin as chairman and former BlackRock digital assets head Joseph Chalom as co-CEO. 

Earlier in July, the company acquired 74,656 ETH for $213 million at an average of $2,852 per ETH, with nearly all of it staked and yielding additional rewards. On July 31, it added 11,259 ETH at a cost of $43 million, lifting its total treasury valuation to $1.74 billion at that point, with roughly $386 million in unrealized gains based on a $3,011 cost basis. By August, the balance had more than doubled in value as the coin market cap for ETH advanced alongside corporate treasury inflows.

The wider institutional momentum around Ethereum treasuries has accelerated as both BitMine and SharpLink together pursue capital raises surpassing $25 billion. While BitMine’s $24.5 billion ATM program dwarfs most corporate efforts, SharpLink confirmed it had completed a $389 million share offering, with proceeds primarily directed toward ETH acquisition but also reserved for working capital and marketing. 

Market activity intensified ahead of U.S. inflation data, with one entity acquiring $1.3 billion worth of ETH across ten new wallets in a single week, outpacing ETF inflows and adding to optimism reflected in the crypto price index. Against the backdrop of U.S. federal debt climbing to $37 trillion, Ethereum’s growing role as a strategic treasury reserve is being reinforced by both staking incentives and its foundational role in stablecoins and tokenized assets.

Executives backing these strategies argue the moves go beyond speculative bets. Fundstrat’s Tom Lee, who also chairs BitMine, has set an ambitious target of acquiring and staking 5% of Ethereum’s total supply, underscoring the scale of corporate demand. Andrew Keys of The Ether Machine described the approach as an active strategy rather than passive accumulation, noting that his firm is generating risk-adjusted returns while leveraging Ethereum’s versatility for tokenization of stablecoins, bonds, and real-world assets. 

Critics remain skeptical, suggesting that companies may simply be capitalizing on public enthusiasm to boost valuations, yet proponents insist Ethereum remains in the earliest stages of what they describe as the next generation of the internet. With corporate treasuries entering billions and crypto price dynamics shifting as Ethereum gains traction as a reserve asset, the long-term implications for the coin market cap of ETH are drawing closer scrutiny from traditional and crypto investors alike.

This article has been refined and enhanced by ChatGPT.