BitMine’s 35-Day ETH Buyout Tops SharpLink, Shifts Pricing Power

BitMine executed a structured PIPE financing and three rounds of targeted purchases to accumulate 833,137 ETH in just 35 days, surpassing SharpLink’s long-standing position as the largest corporate ETH treasury. By leveraging cash + warrant + ETH subscription, lock-up periods, and transparent disclosures, BitMine timed its buys around market dips, achieving an average entry price of $3,491 per ETH. Each weekly announcement—first $250 million in funding and 150,000 ETH, then 266,000 ETH, and finally 272,000 ETH—created a narrative cycle that lifted both its stock price (up 900% to $41) and spot ETH volumes. Galaxy Digital, ARK Invest, and Founders Fund backed the deal and provided OTC structuring, custody, and settlement services to minimize price slippage. SharpLink’s OG strategy of slow, cost-efficient accumulation (mostly between $1,500–$1,800 per ETH) and conservative disclosure left it reactive. In contrast, BitMine’s narrative-driven model actively manufactured market recognition, redefining ETH as an institutional financial asset with Wall Street-caliber reporting. Tom Lee’s bullish commentary on ETH as a corporate balance-sheet asset reinforced this shift. The battle marks a power transfer in ETH pricing authority from early crypto-native holders to narrative-savvy institutional players. Traders should watch for continued narrative-fueled inflows and rising institutional adoption as key bullish drivers for ETH.