Bitmine, Backed by Tom Lee, Sets Sights on 5% of ETH Holdings — ‘Game On,’ Says SharpLink’s Lubin

SharpLink and Bitmine Accumulate Over 500,000 ETH as Public Firms Embrace Ethereum Treasury Model

July 21, 2025 — In a sign of accelerating institutional adoption, SharpLink Gaming (SBET) and Bitmine Immersion Technologies (BMNR) have collectively amassed over 500,000 ETH, positioning themselves at the forefront of a rapidly evolving corporate treasury trend centered around Ethereum.

Once considered fringe players, the two publicly traded firms are now leading an emerging model that treats ETH not as a speculative asset, but as a long-term strategic reserve. In fact, their combined holdings now eclipse the Ethereum Foundation’s own reserves — a signal that public markets may be driving the next phase of ETH accumulation.

SharpLink Gaming, a Minneapolis-based iGaming and fan engagement company, currently holds 280,706 ETH, valued at just over $1 billion. The firm raised over $400 million through at-the-market equity offerings to fund its ETH acquisition strategy. SharpLink has fully staked its ETH to generate yield and publishes an “ETH-per-share” metric, aiming to offer a transparent bridge between the public equities market and the decentralized finance sector.

Yet it is Bitmine Immersion Technologies that now claims the top spot. Under the leadership of Fundstrat co-founder Tom Lee, Bitmine holds 300,657 ETH, worth approximately $1.13 billion. The company’s approach mirrors MicroStrategy’s Bitcoin accumulation strategy — raising capital to buy and stake ETH — but with broader ambitions. Bitmine aims to control up to 5% of Ethereum’s total circulating supply, leveraging its mining and hosting operations alongside structured ETH derivatives to grow its treasury.

Backed by prominent investors including Peter Thiel, Bitmine is positioning itself as a future ETH-native reserve institution.

The brewing rivalry came into focus over the weekend when Ethereum co-founder Joseph Lubin commented on X, calling the dynamic between SharpLink and Bitmine “cut-throat one-upmanship,” while also leaving room for collaboration. “We will both compete, hard,” Lubin posted. “But we might also hold hands and collaboratively explain the paradigm shift to decentralization.” He ended with a clear challenge: “Game on.”

As the competition escalates, so does market momentum. ETH surged 6.5% in the past 24 hours to $3,800, capping a 7-day rally of nearly 27%. Analysts point to the aggressive accumulation by SharpLink and Bitmine as a major driver behind the rally, suggesting that Ethereum’s corporate adoption is no longer just a narrative — it’s showing up on the balance sheet.