SharpLink Gaming and BitMine Immersion Technologies, two of the largest publicly traded Ethereum (ETH) holders, have both boosted their ETH exposure to over $1 billion.
This development coincides with a significant rally in ETH. The altcoin recently broke the $3,600 mark, reflecting a 21.2% increase over the past week. This surge outpaces Bitcoin’s (BTC) modest 2.96% gain in the same period, highlighting growing institutional appetite for ETH.
Ethereum’s Growing Institutional Appeal: Public Companies Boost ETH Holdings
According to the latest data from Lookonchain, SharpLink Gaming has purchased 32,892 ETH, valued at approximately $115 million. This follows the firm’s addition of 20,279 ETH yesterday.
Lookonchain added that over the past nine days, SharpLink has acquired 144,501 ETH, totaling $515 million. The firm’s total holdings have surpassed $1 billion. Notably, this is just the beginning for SharpLink.
The firm filed a ‘prospectus supplement’ with the US Securities and Exchange Commission (SEC) to amend its previous offering. It plans to issue up to $5 billion in additional common stock through a sales agreement. The proceeds will further bolster its SharpLink’s Ethereum reserves and support operational growth.
“With this Prospectus Supplement, we are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion, comprising of up to $1 billion under the Prior Prospectus and an additional $5 billion under this Prospectus Supplement,” the statement read.
Besides SharpLink, Tom Lee-backed BitMine also revealed that its holdings have increased to 300,657 ETH, worth over $1 billion.
“At BitMine, we have surpassed $1 billion in Ethereum holdings, just seven days after closing on the initial $250 million private placement. We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” Lee, Chairman of BitMine’s Board of Directors, noted.
Beyond these two giants, GameSquare Holdings has completed its $70 million public offering. This is a part of its broader plan to create a $100 million Ethereum treasury.
According to the latest press release, the firm raised $70 million through the sale of 46.66 million shares at $1.50 each.
“The deal includes a 15% overallotment, which if fully exercised, will bring the total raise to approximately $80.5 million. Combined with the $9.2 million raised last week, total gross proceeds across both offerings are over $90.0 million,” GameSquare CEO Justin Kenna said.
Additionally, BTC Digital, a Bitcoin mining firm, has followed Bit Digital’s footsteps. The firm announced that it will convert all of its Bitcoin holdings into Ethereum.
Furthermore, it revealed that it has closed a $6 million financing round and acquired an additional $1 million in Ethereum.
Ray Youssef, CEO of NoOnes, mentioned to BeInCrypto that the trend of accumulating ETH treasuries is gaining momentum for good reason. He pointed out that corporations are recognizing Ethereum not only as a utility network but also as a strategic store of value, aligning with its ‘digital oil’ narrative.
“Ethereum is quietly cementing its status as the foundational infrastructure for the next evolution of digital finance by facilitating the convergence between decentralized finance (DeFi) and traditional finance (TradFi). With tokenized assets under management on the Ethereum network surpassing $5 billion, the protocol’s dominance in real-world utility is no longer just theoretical. From tokenized US treasuries to institutional-grade stablecoin rails, Ethereum is becoming the de facto layer for compliant, on-chain finance,” Youssef remarked.
He further explained that Ethereum’s appeal is strengthened by its evolving monetary profile. Its improving utility, strong fundamentals, unique features like deflationary mechanics, and potential for passive income via yield-bearing staking rewards make ETH an attractive option for treasury allocation models.
These qualities are especially appealing to institutions seeking a high-beta alternative to the widely adopted Bitcoin treasury models.
“Ethereum is steadily emerging as the institutional complement to Bitcoin. Where Bitcoin is held as a macro hedge or ideological reserve, ETH is being increasingly treated as a foundational asset of the compliant on-chain digital economy,” he added.
Meanwhile, Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, noted that ETH’s recent price surge is not just a result of positive market trends or investor enthusiasm. Instead, it indicates a broader shift in the way institutional investors perceive and value digital assets like Ethereum.
“Ethereum’s appeal today is its dual identity: yield-bearing asset and infrastructure layer. For institutions, it’s no longer just about owning crypto—it’s about owning the network that powers the ecosystem,” Elkaleh told BeInCrypto.
Thus, the wave of Ethereum adoption by public companies and its outperformance of Bitcoin suggest a shift in cryptocurrency investment. However, the long-term implications remain subject to market and regulatory developments.
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