Expanded Corporate Ethereum Treasury of SharpLink Gaming (SBET) through a $400 Million Investment Agreement
In the dynamic world of cryptocurrency, a significant trend is emerging in 2025 – publicly traded companies are increasingly raising large-scale capital to expand their Ethereum (ETH) holdings. Two of the most prominent companies driving this trend are BitMine Immersion Technology and SharpLink Gaming.
BitMine, the world’s largest corporate holder of Ether with approximately 1.2 billion ETH (worth about $5 billion), is currently targeting a massive $24.5 billion raise via an at-the-market (ATM) stock sale to further increase its ETH holdings, with plans to acquire up to 5% of the entire Ether supply.
SharpLink, on the other hand, has raised roughly $1.4 billion in gross proceeds so far and holds around 740,760 ETH (valued in the billions). The company continues to raise hundreds of millions weekly, such as the recent $537 million net proceeds raised for the week of August 10–15, 2025, to grow its ETH treasury. SharpLink primarily uses these funds to purchase more ETH, alongside operational expenses.
This institutional movement is supported by strategies like Ethereum staking, which offers about 3% APY yield, helping companies generate passive income on their ETH reserves while optimizing balance sheets and positioning for blockchain-based decentralized finance growth. Institutional investors see ETH treasuries as a capital-efficient way to diversify beyond traditional cash reserves and to engage with blockchain’s programmable infrastructure, despite inherent risks including regulatory uncertainties and staking penalties.
SharpLink, with the second-largest ETH holdings among public companies, is one of the companies leading this trend. The company's co-CEO, Joseph Chalom, stated that the recent investments reflect the growing recognition of Ethereum’s transformative potential. SharpLink's Ethereum-focused strategy is further bolstered by the involvement of Ethereum co-founder Joseph Lubin, who serves as SharpLink's chair.
In the past month, Ethereum has gained 44.5%, climbing from below $3,000 to above $4,300 on Monday. Currently, Ethereum is trading at around $4,220, just over 13% off its all-time high of $4,878 reached on November 10, 2021. The surge in companies raising capital for Ethereum could soon account for 10% of all Ethereum in circulation.
Moreover, more than 75% of users on the crypto-native prediction market Myriad believe that Ethereum will surpass its record price before the end of the year. This optimism, coupled with the institutional embrace of Ethereum as a foundational asset class for corporate treasury management, suggests that the trend of companies raising capital to build Ethereum treasuries is here to stay.
- Institutional investors, such as BitMine Immersion Technology and SharpLink Gaming, are increasingly engaging with blockchain's programmable infrastructure by raising substantial capital and diversifying beyond traditional cash reserves to amass vast Ethereum (ETH) holdings.
- In 2025, SharpLink, with the second-largest ETH holdings among public companies, is spearheading the trend of companies raising billions to bolster their ETH treasuries, driven by the transformative potential of Ethereum as a foundational asset class for corporate finance.
- As more companies follow suit, investing in Ethereum (ETH), the surge in Ethereum holdings by public companies could soon account for 10% of all Ethereum in circulation, indicating a growing recognition of ETH's role in the dynamic world of cryptocurrency and decentralized finance.
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