Public companies are reshaping their relationship with Ethereum in an unprecedented way, viewing the world's second-largest cryptocurrency as a core reserve asset rather than a speculative tool, thus triggering an intense corporate &#34;arms race.&#34;
In this competition, Bitmine Immersion Technologies and SharpLink Gaming are undoubtedly the focal points. SharpLink Gaming recently announced that it successfully raised $400 million from five global institutional investors through a registered direct offering, aiming to boost the value of its Ethereum treasury to over $3 billion. The company currently holds approximately 280,706 Ethereum, valued at just over $1 billion.
On the other hand, Bitmine Immersion Technologies, chaired by Wall Street veteran strategist Tom Lee, has just surpassed SharpLink, holding 300,657 Ethereum, valued at approximately $1.13 billion, taking the top spot.
This escalating showdown has even caught the attention of Ethereum co-founder and SharpLink chairman Joseph Lubin, who described it on social media platform X as a &#34;brutal race for the lead,&#34; boldly declaring &#34;Game on,&#34; adding more drama to this battle for wealth.
<h2>SharpLink's Counterattack: $400 Million Financing Aiming for the Top Spot</h2>
This corporate-level accumulation competition is becoming a key driving force behind Ethereum's market momentum. Driven by related news, Ethereum's price has risen nearly 45% in the past month to around $4,299. The market generally believes that the large-scale buying actions of Bitmine and SharpLink are part of the reasons for this surge.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/49d69822-fa98-4433-8978-ed24c77eda16.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/49d69822-fa98-4433-8978-ed24c77eda16.png"/>
To reclaim the top spot, Minneapolis-based SharpLink Gaming has taken decisive action. The company disclosed that it has reached a purchase agreement with five global institutional investors to issue new shares at a price of $21.76 per share, raising a total of $400 million before expenses. The transaction is expected to be completed around August 12.
As of August 10, SharpLink holds approximately 280,706 Ethereum. The company stated that the proceeds from this financing, combined with the unused $200 million from its ATM (at-the-market) issuance, will bring its total Ethereum reserve value to over $3 billion. SharpLink co-CEO Joseph Chalom stated that the $900 million raised by the company in recent years reflects the market's confidence in the company's Ethereum financial strategy and the &#34;transformative potential&#34; of Ethereum
In this transaction, A.G.P./Alliance Global Partners acted as the exclusive placement agent, while Cantor served as the financial advisor.
<h2>The Rise of Bitmine: ETH Ambitions Mimicking Bitcoin Strategies</h2>
Before SharpLink launched its counterattack, the spotlight was firmly on Bitmine Immersion Technologies.
The company, led by Fundstrat co-founder Tom Lee, has a strategic vision to replicate MicroStrategy's Bitcoin &#34;script&#34; on Ethereum: financing through capital markets to buy and stake Ethereum for yield.
According to the latest disclosures, Bitmine has accumulated 300,657 Ethereum, worth approximately $1.13 billion, making it the largest corporate holder of Ethereum globally at one point. The company's ambitions do not stop there; its long-term goal is to control up to 5% of Ethereum's total circulating supply.
To achieve this goal, Bitmine not only leverages the cash flow generated from its industrial-grade cryptocurrency mining and hosting business but also actively employs financial instruments such as Ethereum options to deepen its treasury. With the support of well-known investors like Peter Thiel, Bitmine aims to position itself as a native reserve institution for Ethereum.
<h2>From Speculation to Reserves: ETH Becomes a Core Asset for Enterprises</h2>
The competition between Bitmine and SharpLink highlights a broader trend: publicly traded companies are integrating Ethereum into their core financial strategies. These companies have accumulated more ETH than the Ethereum Foundation itself holds, marking a paradigm shift in corporate balance sheets.
In this trend, various companies are also exploring different strategies. For instance, SharpLink not only stakes its held Ethereum for yield but also publicly discloses its &#34;per share ETH content&#34; metric, attempting to build a transparent bridge between the regulated public stock market and the decentralized finance (DeFi) ecosystem.
In addition to these two frontrunners, an increasing number of companies are exploring the use of Ethereum as their primary financial asset. Reports indicate that this list also includes The Ether Machine, Bit Digital, BTCS Inc., and Gamesquare Holdings, collectively forming a market force that cannot be ignored

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Bitmine has become the largest corporate holder by holding over 300,000 Ethereum, valued at approximately $1.13 billion. To reclaim the top spot, SharpLink Gaming secured $400 million in financing, planning to increase the total value of its Ethereum holdings to over $3 billion. The co-founder of Ethereum has also joined this "brutal race for the lead," boldly declaring, "Game on."

- Companies are reshaping their relationship with Ethereum, viewing it as a core reserve asset rather than a speculative tool, leading to a corporate "arms race."  
- SharpLink Gaming recently raised $400 million to increase its Ethereum treasury value to over $3 billion, while Bitmine Immersion Technologies surpassed it with 300,657 Ethereum worth approximately $1.13 billion.  
- This competition is driving Ethereum's market momentum, contributing to a nearly 45% price increase in the past month, as companies integrate Ethereum into their financial strategies.

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Competing for the top position of Ethereum's "treasury": Bitmine "rocket rises," SharpLink "refuses to back down"