BitMine and SharpLink Lead Corporate Ethereum Race

Public companies are rapidly building massive Ethereum treasuries, with BitMine and SharpLink at the forefront of a growing trend to treat ETH as a core asset for balance sheets and staking strategies.

Ethereum is increasingly being adopted as a strategic treasury asset by public companies, following a playbook reminiscent of MicroStrategy’s Bitcoin accumulation. This time, however, corporate buyers are not only stockpiling ETH but also leveraging staking to generate income and enhance their influence within the network.

BitMine Emerges as the Largest Corporate ETH Holder

BitMine Immersion Technologies, a publicly traded Bitcoin mining and Ether treasury company, revealed this week that it now controls 1,866,974 ETH, equal to nearly 1.55% of Ethereum’s circulating supply. The holdings, valued at over $8.1 billion, make BitMine the largest corporate Ethereum treasury worldwide, according to Strategic ETH Reserve data.

Alongside its massive Ether stack, the company holds 192 Bitcoin and $635 million in unencumbered cash, bringing its total capital to $8.98 billion. Investors have responded positively — BitMine’s stock traded at $44.13 at the time of writing, up 1.12% on the day and nearly 41% higher than a month ago, per Google Finance.

BitMine’s ambitions are even larger. Tom Lee, the company’s chairman and managing partner at FundStrat, said the firm is targeting 5% of Ethereum’s total supply. Much of this ETH is expected to be staked, both to secure passive returns and to strengthen BitMine’s influence across decentralized finance markets.

SharpLink Expands to $3.6B in ETH

Close behind BitMine is SharpLink Gaming, Inc., which has steadily grown its ETH reserves to 837,230 ETH, worth more than $3.6 billion as of August 31, 2025.

Between August 25 and August 31, SharpLink added 39,008 ETH at an average purchase price of $4,531. The purchases were funded through its At-the-Market (ATM) equity program, which generated $46.6 million in net proceeds during the same week. Since launching its ETH-focused treasury strategy in June, SharpLink has raised hundreds of millions of dollars using this facility.

Joseph Chalom, the company’s co-chief executive officer, emphasized SharpLink’s methodical approach:

“SharpLink continues to execute our treasury strategy with precision, successfully growing our ETH holdings and consistently earning staking rewards. We remain opportunistic in our capital raising initiatives and will continue to closely monitor market conditions to maximize shareholder value,” said Chalom.

Beyond direct purchases, SharpLink has been actively staking its Ethereum, earning 2,318 ETH in rewards since June. To increase investor transparency, the firm also introduced ETH Concentration, a metric tracking the number of ETH held per 1,000 diluted shares. As of August 31, this figure stood at 3.94 ETH, up 97% since the program’s inception.

With $71.6 million in cash and equivalents on its balance sheet, SharpLink has the liquidity to continue scaling its ETH holdings without compromising operations.

More Firms Join the Ethereum Treasury Wave

BitMine and SharpLink may dominate headlines, but they are not alone. Strategic ETH Reserve data shows that 72 public companies collectively hold around 4.71 million ETH, representing 3.9% of the total supply.

Among the latest entrants:

Yunfeng Financial Group, a Hong Kong-listed firm connected to Alibaba founder Jack Ma, recently purchased 10,000 ETH valued at about $44 million.
The Ether Machine, a crypto-focused company, raised $654 million in a private round, acquiring 150,000 ETH from Ethereum advocate Jeffrey Berns.

This acceleration signals that Ether treasuries are emerging as a new corporate standard for firms seeking exposure to blockchain-based financial infrastructure.

Billions Flowing Into DeFi

Beyond balance sheets, these massive corporate treasuries could reshape decentralized finance. Vance Spencer, co-founder of Framework Ventures, noted on X that BitMine and SharpLink together are expected to buy between $20 billion and $40 billion worth of ETH in 2025. Most of this capital is anticipated to move into on-chain lending markets, drawing stablecoins into circulation and boosting DeFi liquidity.

I see SBET/BMNR combined buying $20-40bn of ETH in 25', most of which will be placed into onchain borrow markets, drawing stables to loop or farm

This will be the most meaningful active capital injection in DeFi ever

Future of france
— Vance Spencer (@pythianism) August 12, 2025

If realized, analysts believe this would represent the largest capital injection in DeFi history, reinforcing Ethereum’s role at the heart of the digital asset economy.

Ethereum’s New Corporate Era

The corporate adoption of Ethereum highlights a pivotal shift in digital asset strategy. Unlike Bitcoin’s role as a store-of-value hedge, Ethereum offers corporations yield through staking, governance opportunities, and direct participation in decentralized markets.

With BitMine pushing toward 5% supply ownership and SharpLink refining investor-facing transparency metrics, Ethereum’s corporate treasuries could redefine balance sheet management. At the same time, the wave of new entrants signals that holding ETH may soon become a mainstream corporate practice — not just a bold experiment.

As more firms follow this model, Ethereum’s dual function as both a capital reserve and a yield-generating instrument could accelerate institutional adoption, ensuring its place as a central pillar in the evolving global financial system.