BitMine & SharpLink Fuel $24.5B Ethereum Treasury Race
BitMine Immersion Technology and SharpLink Gaming have accelerated an institutional Ethereum treasury race. In mid-July, BitMine filed an at-the-market equity offering to raise $24.5 billion for ETH acquisitions, boosting its holdings to 12 million ETH (≈$5 billion). On the same day, SharpLink completed a $389 million share sale, allocating most proceeds to ETH purchases. Together, they control over 12.6 million ETH, making them the largest corporate ETH holders. This aggressive ETH accumulation has fueled a 21% weekly price rally, lifting ETH to $4,408, just 9% below its record high. Standard Chartered projects specialized treasury firms could hold up to 10% of Ethereum’s total supply, versus 1% in late July. The expanding Ethereum treasury race underscores growing institutional crypto adoption and may sustain bullish momentum, though traders should monitor treasury inflows and liquidation risks amid market volatility.
Bullish
The news of BitMine’s $24.5 billion equity raising and SharpLink’s $389 million share sale for ETH purchases signals robust institutional demand and capital inflows into Ethereum treasuries. In the short term, accelerated ETH accumulation by these corporate holders has already triggered a 21% price rally, suggesting continued upward momentum as liquidity backs further buying. Over the long term, projections that specialized treasury firms may hold up to 10% of ETH supply highlight growing confidence and adoption of Ethereum as a reserve asset, potentially reducing circulating supply and supporting higher valuations. However, traders should remain mindful of overleveraging risks linked to large equity offerings and potential liquidation pressures during market downturns. Overall, the balance of increased institutional adoption and treasury inflows points to bullish prospects for ETH markets.