ETH Treasury Race Heats Up: BitMine Still Ahead Despite SharpLink’s Latest Ether Purchase

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 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’s total ether holdings to 438,190 ETH, valued at roughly $1.69 billion.

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 — measuring total ETH held relative to fully diluted shares — has risen 70% since launch.

Despite SharpLink’s surge, BitMine Immersion Technologies (BMNR) still leads the ETH treasury race. The Las Vegas-based company announced 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 “expected return calculus” as the company works toward its goal of controlling 5% of Ethereum’s circulating supply.

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’s alignment with ether’s long-term value proposition and its role in reshaping financial infrastructure.

Ether’s price has remained remarkably resilient during a tense macroeconomic week. The Federal Reserve’s monetary policy decision is due Wednesday at 2 p.m. ET, with no rate changes expected, though Fed Chair Jerome Powell’s 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.

Technical Analysis Highlights

• According to CoinDesk Research’s technical analysis data model, ETH traded between $3,735.12 and $3,883.90 during the 24-hour session from July 28 13:00 UTC to July 29 12:00 UTC, marking a 4% range.
• Heavy accumulation at $3,735.12 (207,182 units) triggered a bounce, lifting ETH to session highs near $3,885.
• In the final hour from 11:32–12:31 UTC, ETH rose from $3,838.34 to $3,850.19, breaching key resistance on strong volume.T
• he $3,850 zone now acts as support as ETH consolidates near its highs ahead of Wednesday’s Fed decision.

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