With a purchase of 79,949 ETH on July 2nd at an average price of 3,238 dollars, SharpLink jumps to the top of the ranking of public Ether holders, consolidating its strategy in the iGaming and sports betting sector.
Why did SharpLink buy so much Ethereum?
SharpLink, a sports betting and marketing platform, is betting everything on Ethereum to strengthen its treasury.
The company completed a massive purchase of 79,949 ETH (value: 258.9 million dollars) on July 2, followed closely by another acquisition of 49 million dollars just over a week earlier.
Since the beginning of June, SharpLink’s Ether reserves have skyrocketed to 360,807 ETH (about 1.3 billion dollars at current market prices), placing the company at the top of the public holders’ ranking.
The movement responds to a deliberate strategy.
After closing a private fundraising of 425 million dollars (led by Consensys), the company has chosen to convert the raised liquidity into ETH, strengthening its presence in Web3 and registering as the “MicroStrategy” of the Ethereum ecosystem.
Holding such a significant amount of ETH represents an unprecedented competitive advantage.
SharpLink can now influence investor sentiment and play a key role in price movements, especially in conjunction with decisions on tokenomics, merge, or network updates.
The operation placed SharpLink ahead of BitMine Immersion Technologies, which had briefly reached the top with 300.657 ETH after the large private fundraising on June 30 of 250 million dollars.
But with the move on July 2, the leadership once again passed to SharpLink.
The “race di accumulo” to dominate Ethereum is unfolding through rounds of funding and strategic announcements. Here are the key players:
- SharpLink, founded in 2019, specialized in performance marketing and sports betting. Recent choice towards ETH as a reserve asset, strengthened with a fundraising of 425 million dollars and the guidance of Joseph Lubin (founder of Consensys) on the board.
- BitMine Immersion Technologies, active in Bitcoin mining with immersion cooling technologies. It has focused on accumulating ETH after the private fundraising of 250 million dollars and the appointment of Tom Lee, co-founder of Fundstrat, as chairman of the board to orchestrate the Ethereum treasury strategy.
What is the role of Cathie Wood and institutional investors?
Interest in the “ETH accumulation race” exploded when Cathie Wood and her investment firm entered the game.
The purchase of 4.4 million BitMine shares, valued at nearly 175 million dollars, triggered a rally on BitMine stock (+700% in June, up to a high of 140 dollars on July 3, then settling at 39.60 dollars).
The move is seen by many analysts as a confirmation that the “Trump Effect” on crypto finance does not concern only Bitcoin: the battle to become the institutional reference point on Ethereum has just begun.
SharpLink has chosen to centralize the ETH asset on its balance sheet to support growth in the DeFi and Web3 ecosystem related to betting.
BitMine, on the other hand, starts from a solid background in Bitcoin mining and aims to expand towards Ethereum by adopting a cryptocurrency treasury policy under the leadership of Tom Lee.
The two companies are also vying for the attention of institutional investors, decisively impacting their respective stock market prices: the massive entry of investors like Cathie Wood underscores the centrality of Ethereum in the long-term strategies of US finance.
What are the next moves? What to expect now?
The climate is highly competitive. The private fundraising of 425 million closed by SharpLink and the rapid acquisition campaign on ETH aim to consolidate an advantageous position.
However, BitMine – fresh from a renewed board and robust capital – will not stand by idly. Who will truly be the “MicroStrategy” of Ethereum? Everything can change in the coming weeks, between new fundraising, staking strategies, and market moves.
Investor attention on Ethereum could reach new highs and generate unexpected volatility. Follow the community and industry channels to find out if this race will declare only one winner or redefine the role of crypto companies in the global market.
