Ether Treasury Showdown: SharpLink Buys More ETH, But BitMine Remains on Top

SharpLink Adds $290M in Ether, But BitMine Maintains ETH Treasury Lead

SharpLink Gaming has expanded its ether (ETH) holdings to over 438,000 tokens, intensifying the battle among public companies for dominance in ETH treasuries. Despite the aggressive buying, BitMine Immersion Technologies still leads the field with a significantly larger position.

In a statement on Tuesday, SharpLink (NASDAQ: SBET) said it purchased an additional 77,210 ETH last week for nearly $290 million at an average price of $3,756. The acquisition brings its total ETH holdings to 438,190, valued at approximately $1.69 billion.

The Minneapolis-based firm raised $279 million last week via its at-the-market equity program. Since adopting its ETH strategy in early June, the company has accumulated 722 ETH in staking rewards and increased its ETH concentration ratio — a key treasury metric — by 70%.

BitMine Immersion Technologies (NASDAQ: BMNR), however, remains the top corporate ETH holder. The Las Vegas-based firm reported it now holds 625,000 ETH worth about $2.35 billion. BitMine also unveiled a $1 billion open-ended share repurchase program, which it plans to use if the stock trades below its net asset value. Chairman Thomas Lee described the move as part of BitMine’s broader strategy to eventually hold 5% of Ethereum’s circulating supply.

The intensifying rivalry between SharpLink and BitMine reflects a growing corporate trend that mirrors bitcoin treasury strategies once led by MicroStrategy.

SharpLink Co-CEO Joseph Chalom, formerly with BlackRock, said the company sees ether as a long-term asset aligned with the future of financial infrastructure.

ETH Holds Firm Ahead of Fed Decision

Ether is holding steady above $3,800 despite macroeconomic uncertainty ahead of Wednesday’s U.S. Federal Reserve policy decision. Markets widely expect rates to remain unchanged, but Chair Jerome Powell’s remarks could move markets.

According to CoinDesk Research, ETH traded in a 4% range between $3,735.12 and $3,883.90 in the 24 hours ending July 29. Strong buying near $3,735 helped lift prices to session highs, with ETH breaking through resistance at $3,850 — a level that now serves as near-term support.

ETH has rallied 56% over the past month, fueled by institutional demand through ETFs and balance sheet accumulation from corporate players like BitMine and SharpLink.