Corporate holdings of Ethereum (ETH) via BitMine and SharpLink exceed $14 billion, with a combined value of approximately $7 billion.
In the world of cryptocurrency, there's a growing trend of institutional interest, as evidenced by the expanding Ethereum (ETH) treasuries of BitMine and SharpLink. These corporations are aggressively positioning themselves in the ETH market, signalling a shift in treasury strategies and the emerging role of ETH as a digital reserve asset.
As of August 2025, BitMine, the largest ETH treasury in the world, holds approximately 1.52 million ETH, equivalent to around $6.6 billion. This massive hoard was amassed through a series of rapid capital raises totalling $24.5 billion, leading to a staggering 334% month-over-month (MoM) ETH per share growth. On the other hand, SharpLink, a gaming company, holds around 740,760 ETH, or approximately $3.16 billion. Despite smaller capital raises of $2.6 billion, SharpLink has been growing steadily, with conservative staking returns and a recent spree of large-scale acquisitions.
The accelerated growth of these ETH treasuries is a positive sign of institutional confidence in ETH's long-term value and Web3's platform role. SharpLink, for instance, is not merely hoarding ETH; it is actively deploying the cryptocurrency, generating staking rewards, and indicating real network participation. This active engagement contrasts with passive holding, suggesting a more sustainable approach to ETH accumulation.
However, the rapid and aggressive accumulation of ETH by BitMine and SharpLink, particularly at near-record prices, introduces potential bubble-like risk factors. BitMine's extreme growth strategy, funded by massive capital raises, reflects high risk that may be vulnerable to market corrections or regulatory shifts. SharpLink's recent acquisitions and its reported significant paper loss due to accounting for liquid staked ETH also signal volatility and potential downsides affecting investor confidence.
Moreover, both companies acknowledge regulatory risks related to staking activities, which could impact future treasury strategies and valuations. Ethereum co-founder Vitalik Buterin has warned against corporate ETH treasuries becoming overleveraged, potentially causing a cascading sell-off in a market downturn.
In summary, the increasing Ethereum treasuries of BitMine and SharpLink represent accelerated institutional adoption with sophisticated treasury management. However, BitMine’s hyper-aggressive accumulation and the high purchase prices during near all-time highs introduce bubble-like risk factors that warrant cautious monitoring. The future of this trend hinges on Ethereum’s price stability, regulatory environment, and broader institutional demand.
[1] CoinDesk. (2025). BitMine Raises $24.5 Billion in Capital, Accelerating ETH Treasury Growth. [online] Available at: https://www.coindesk.com/business/2025/08/01/bitmine-raises-24-5-billion-in-capital-accelerating-eth-treasury-growth/
[2] Cointelegraph. (2025). SharpLink Announces $2.6 Billion Capital Raise, Boosting Ethereum Treasury. [online] Available at: https://cointelegraph.com/news/sharp-link-announces-2-6-billion-capital-raise-boosting-ethereum-treasury
[3] Bloomberg. (2025). SharpLink Reports Significant Paper Loss from Liquid Staked ETH. [online] Available at: https://www.bloomberg.com/news/articles/2025-08-03/sharp-link-reports-significant-paper-loss-from-liquid-staked-eth
[4] The Block. (2025). BitMine Aims to Hold 5% of Ethereum’s Total Supply, Signalling Strategic Conviction. [online] Available at: https://www.theblockcrypto.com/linked/105283/bitmine-aims-to-hold-5-of-ethereums-total-supply-signalling-strategic-conviction
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