Despite SharpLink’s New ETH Buy, BitMine Keeps Edge in Corporate Ether Accumulation

SharpLink Expands ETH Holdings, But BitMine Still Tops Corporate Treasury Rankings

SharpLink Gaming (SBET) continues its aggressive ether accumulation, announcing the purchase of 77,210 ETH last week at an average price of $3,756 — a deal worth nearly $290 million. This latest acquisition brings the Minneapolis-based firm’s total ETH holdings to 438,190, valued around $1.69 billion.

The purchase was funded through SharpLink’s at-the-market equity program, which raised over $279 million in net proceeds between July 21–28. Since launching its ETH treasury strategy in early June, the company has also earned 722 ETH in staking rewards and reported a 70% increase in its ether-to-share concentration ratio.

Despite the surge, BitMine Immersion Technologies (BMNR) remains the largest corporate ETH holder. The company confirmed Tuesday that its treasury includes 625,000 ETH, worth approximately $2.35 billion. BitMine also rolled out a $1 billion open-ended share buyback program to strategically repurchase stock when it trades below the firm’s net ETH asset value, now pegged at $22.76 per share.

Chairman Thomas Lee described the move as part of the company’s broader plan to eventually control 5% of Ethereum’s circulating supply — a long-term benchmark BitMine has publicly pursued.

The two companies are leading a growing ETH treasury trend among public firms, mirroring earlier strategies seen in bitcoin-focused players like MicroStrategy. SharpLink’s Co-CEO Joseph Chalom, a former BlackRock executive, reiterated the firm’s belief in ETH as a core asset underpinning the next wave of financial infrastructure.

Ether Price Steady Above $3,800 Amid Macro Uncertainty

Ether (ETH) is holding above $3,800 as investors await Wednesday’s U.S. Federal Reserve policy announcement. While no rate hike is expected, markets remain alert to any shift in tone from Chair Jerome Powell.

According to CoinDesk Research, ETH traded in a 4% range over the past 24 hours, between $3,735.12 and $3,883.90. Strong buying interest around $3,735 helped lift the price to intraday highs near $3,885. As of midday UTC, ETH was consolidating around $3,850, which now acts as short-term support.

The asset has gained 56% over the past month, driven by a wave of ETF inflows and accelerating demand from corporate treasuries — a trend that shows little sign of slowing.