ETH Treasury updates – How two unknowns just outpaced the Ethereum Foundation!

Key Points

1. SharpLink Gaming holds 280,706 ETH (worth ~$1B) and stakes ETH for yield, positioning itself as a public market proxy for Ethereum's growth and DeFi yields.

2. Bitmine Immersion Technologies holds 300,657 ETH, aiming to become an ETH-native reserve institution with strategies like ETH options and backing from Peter Thiel.

3. Ethereum's rally is supported by record futures open interest ($50B), spot market activity, and ETF inflows ($2.18B weekly), signaling strong institutional demand.

4. The competition between SharpLink and Bitmine highlights corporate adoption of ETH, with Ethereum co-founder Joseph Lubin commenting publicly on their rivalry.

5. Both companies leverage traditional financial tools (equity offerings, mining cash flows) to accumulate ETH, bridging Wall Street and decentralized ecosystems.