ETH Treasury updates – How two unknowns just outpaced the Ethereum Foundation!
Main Idea
SharpLink Gaming and Bitmine Immersion Technologies have surpassed the Ethereum Foundation in ETH holdings, reflecting growing institutional interest in Ethereum through corporate treasuries, futures, and ETFs.
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.
Description
SharpLink Gaming and Bitmine Immersion are playing the big game.
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