BitMine & SharpLink Boost Ethereum Holdings with 2.2M ETH Purchases
Nasdaq-listed companies BitMine Immersion Technologies and SharpLink Gaming have strategically boosted their Ethereum holdings, acquiring a combined total of 2,264,133 ETH at below-market average prices. BitMine, known primarily as a Bitcoin miner, accumulated 1,523,373 ETH at an average cost of $3,730 between July 9 and August 17. SharpLink began its purchases on June 13, adding 740,760 ETH at an average price of $3,478. With Ethereum trading around $4,072.50 despite a recent 5.44% dip, both firms secured ETH at favorable entry points. Their strategic accumulation of Ethereum holdings underscores growing institutional adoption of digital assets, portfolio diversification, and interest in DeFi, NFTs, and staking opportunities following Ethereum’s shift to Proof-of-Stake. Large-scale corporate buys may tighten circulating supply and support upward price pressure, while signaling long-term confidence in Ethereum’s role in the decentralized ecosystem.
Bullish
BitMine and SharpLink’s large-scale Ethereum accumulation is bullish because it reflects rising institutional confidence and could tighten circulating supply. Similar to past moves by Grayscale and MicroStrategy, corporate buys at attractive entry points have historically supported price rallies. In the short term, continued purchases below current market prices may stabilize and propel ETH upward. Over the long term, endorsement by publicly traded firms enhances Ethereum’s legitimacy, attracts more institutional capital, boosts liquidity, and reinforces overall bullish sentiment. Large sell-offs by these entities, however, would represent a downside risk.