{"id":39358,"date":"2025-07-29T14:35:47","date_gmt":"2025-07-29T14:35:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=39358"},"modified":"2025-07-29T14:35:47","modified_gmt":"2025-07-29T14:35:47","slug":"eth-treasury-race-heats-up-bitmine-still-ahead-despite-sharplinks-latest-ether-purchase","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=39358","title":{"rendered":"ETH Treasury Race Heats Up: BitMine Still Ahead Despite SharpLink’s Latest Ether Purchase"},"content":{"rendered":"
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Ether (ETH) is holding steady above $3,800, according to CoinDesk Data, as the battle for dominance among corporate ETH treasuries intensifies. On Tuesday, SharpLink Gaming (SBET) announced<\/a> it had purchased an additional 77,210 ETH last week, worth nearly $290 million at an average price of $3,756. The move raises SharpLink\u2019s total ether holdings to 438,190 ETH, valued at roughly $1.69 billion.<\/p>\n

The Minneapolis-based firm has now raised over $279 million in net proceeds during the week of July 21 through its at-the-market (ATM) equity facility. Since launching its ETH treasury strategy on June 2, SharpLink has aggressively ramped up purchases while generating a total of 722 ETH in staking rewards. The company also said its ETH concentration ratio \u2014 measuring total ETH held relative to fully diluted shares \u2014 has risen 70% since launch.<\/p>\n

Despite SharpLink\u2019s surge, BitMine Immersion Technologies (BMNR) still leads the ETH treasury race. The Las Vegas-based company announced<\/a> on the same day that its total ETH holdings stand at 625,000 tokens, valued at $2.35 billion. BitMine also revealed a $1 billion open-ended share repurchase program, allowing it to buy back its own stock as a flexible alternative to acquiring additional ETH. Chairman Tom Lee said the move reflects \u201cexpected return calculus\u201d as the company works toward its goal of controlling 5% of Ethereum\u2019s circulating supply.<\/p>\n

The competition between the two firms has become a major subplot in ether’s rise. Both companies aim to become the dominant ETH treasury in public markets, often mirroring strategies once common among bitcoin-focused firms like MicroStrategy. Former BlackRock executive Joseph Chalom, now Co-CEO at SharpLink, emphasized the company\u2019s alignment with ether’s long-term value proposition and its role in reshaping financial infrastructure.<\/p>\n

Ether\u2019s price has remained remarkably resilient during a tense macroeconomic week. The Federal Reserve\u2019s monetary policy decision is due Wednesday at 2 p.m. ET, with no rate changes expected, though Fed Chair Jerome Powell\u2019s remarks may trigger volatility. Despite that uncertainty, ETH has climbed 56% in the past month as demand from ETFs and corporate treasuries outpaces new supply.<\/p>\n

Technical Analysis Highlights<\/strong><\/p>\n