The price of Ethereum remains stable, but behind the scenes, a major treasury battle is brewing. SharpLink Gaming and BitMine Immersion are fighting to get most of the ETH that is out there. Both companies are aggressively stacking tokens, which is changing how publicly traded companies think about crypto assets.
SharpLink Gaming has bought more than 77,000 ETH, bringing its total to 438,190 tokens worth $1.69 billion. BitMine, on the other hand, is still the market leader, with 625,000 ETH worth $2.35 billion.
Why is SharpLink buying more ETH at this time?
Last week, SharpLink Gaming (SBET) made a big move in the Ethereum space by buying 77,210 ETH for almost $290 million. This new purchase brings their total to 438,190 ETH, which is worth about $1.69 billion. The company has been buying up tokens quickly since it started its ETH treasury strategy in early June, and it’s paying off.
SharpLink has also earned 722 ETH in staking rewards, which is a bonus for holding onto their coins for a long time. Since the strategy started, their ETH concentration ratio, which is the amount of ETH they hold compared to shares, has gone up by 70%. It’s clear that they’re all in on Ether.
How is BitMine staying ahead in the race for ETH?
Even though SharpLink’s value has gone up, BitMine Immersion Technologies is still the public company with the most ETH. The company, which is based in Las Vegas, has 625,000 ETH, which is worth $2.35 billion right now.
BitMine has also announced a $1 billion open-ended share buyback program to give it more options. This means that it can buy back stock or switch back to buying ETH if it needs to.
Tom Lee, the chairman, said that the decision to buy back is based on calculations of strategic return. BitMine also has a big goal: to control 5% of the total amount of Ethereum that is currently in circulation.
What will happen to Ethereum now that so many companies are buying it?
Even though the U.S. Federal Reserve is about to make a policy decision, ETH is still above $3,800. ETH has gone up 56% in the past month, even though the economy is uncertain. This is because more people are buying ETFs and companies are buying more ETH.
ETH is now trading near monthly highs, so the $3,850 level is a very important support area. As more and more businesses become interested in Ethereum and two big companies compete to build the biggest ETH treasuries, Ethereum’s role in corporate finance is changing quickly and may be just getting started.
Also read: ECB Adviser: Digital Euro Alone Won’t Stop USD Stablecoin Dominance
