ETH Power Play: SharpLink and Bitmine Outpace Ethereum Foundation in Holdings

Two unexpected players, SharpLink Gaming (NASDAQ: SBET) and Bitmine Immersion Technologies (NASDAQ: BMNR), are reshaping Ethereum’s corporate landscape by becoming the largest known holders of ETH—surpassing even the Ethereum Foundation itself.

Minneapolis-based SharpLink, known for its iGaming and fan engagement platforms, holds 280,706 ETH valued at over $1 billion. The company raised more than $400 million via at-the-market equity offerings to fund this aggressive accumulation. Rather than letting the ETH sit idle, SharpLink stakes its holdings for yield and has introduced an “ETH-per-share” metric to bridge the gap between traditional equity markets and decentralized finance.

However, Bitmine Immersion Technologies has now taken the top spot. Led by Fundstrat co-founder Tom Lee, Bitmine holds 300,657 ETH—worth around $1.13 billion. Inspired by MicroStrategy’s Bitcoin strategy, Bitmine raises capital to acquire ETH, stakes for yield, and uses cash flow from crypto mining and hosting operations. The company also employs ETH options to strategically expand its treasury, with ambitions to control up to 5% of Ethereum’s total supply. Backed by high-profile investors like Peter Thiel, Bitmine aims to become an ETH-native institutional reserve.

Tensions flared publicly when Ethereum co-founder Joseph Lubin commented on X, calling the competition a mix of “cut-throat one-upmanship” and potential collaboration. He suggested both firms may shape Ethereum’s future narrative as ETH-native institutions.

The corporate ETH arms race appears to be influencing the market. ETH has surged 6.5% in the last 24 hours to $3,800, extending its weekly rally to nearly 27%, a move largely attributed to these massive accumulations by SharpLink and Bitmine.