Bitmine Plans to Control 5% of Ethereum, Says Tom Lee — Lubin of SharpLink Calls It ‘Game On’

ETH Enters the Corporate Arena as Bitmine and SharpLink Surpass 500K ETH in Treasury Holdings

July 21, 2025 — Ethereum is fast becoming a cornerstone of corporate treasuries. Two publicly traded companies — Bitmine Immersion Technologies (BMNR) and SharpLink Gaming (SBET) — have collectively amassed more than 500,000 ETH, overtaking the Ethereum Foundation’s own reserves and signaling a dramatic shift in how institutions approach digital assets.

Leading the charge is Bitmine, now the largest corporate holder of ETH globally, with 300,657 ETH valued at roughly $1.13 billion. Under the leadership of Fundstrat co-founder Tom Lee, Bitmine has adopted an aggressive accumulation strategy reminiscent of MicroStrategy’s Bitcoin playbook: raise capital, deploy into ETH, stake for yield — and repeat. With ambitions to control up to 5% of Ethereum’s total circulating supply, Bitmine is leveraging both industrial-scale mining operations and advanced derivatives strategies to expand its ETH treasury. High-profile investors, including Peter Thiel, back its long-term vision of becoming an ETH-native institutional reserve.

Close behind is Minneapolis-based SharpLink Gaming, which holds 280,706 ETH, worth just over $1 billion. Focused on fan engagement and iGaming infrastructure, SharpLink raised over $400 million via at-the-market offerings to build its ETH position. The company stakes its ETH and publishes an “ETH-per-share” figure to offer transparency to equity investors, aligning its operations with the decentralized finance ecosystem.

The competition between the two firms burst into the open over the weekend when Ethereum co-founder Joseph Lubin weighed in on X. Describing the dynamic as “cut-throat one-upmanship,” Lubin also hinted at future collaboration: “We will both compete, hard,” he wrote. “But we might also hold hands and collaboratively explain the paradigm shift to decentralization.” He signed off with a nod to the brewing contest: “Game on.”

The impact of this corporate accumulation is reverberating across the market. ETH has jumped 6.5% in the last 24 hours, trading around $3,800 — extending a seven-day rally to nearly 27%. Analysts suggest the aggressive buying by Bitmine and SharpLink is adding meaningful demand-side pressure, redefining the role of ETH within institutional portfolios.

As the arms race intensifies, Ethereum is no longer just a bet on decentralization — it’s quickly becoming a competitive corporate asset class.