Ark Invest, led by Cathie Wood, purchases a $20 million stake in Bitmine, an Ethereum treasury firm.
BitMine and SharpLink in a Close Race for Largest Ethereum Holdings
In the world of cryptocurrency, a fierce competition is unfolding between BitMine Technologies and SharpLink Gaming, as both companies strive to amass the largest Ethereum (ETH) treasury.
As of late July 2025, BitMine Technologies remains the largest corporate holder of Ethereum, with over 625,000 ETH, valued at roughly $2.4 billion. In contrast, SharpLink Gaming has rapidly expanded its Ethereum holdings to about 438,000 ETH, worth around $1.6–1.7 billion.
BitMine, led by Tom Lee, has a 24h trading volume of $33.67 B and a market cap of $461.54 B. The company recently announced a $1 billion share repurchase program, signaling a shift towards share buybacks instead of aggressively increasing ETH holdings at current prices. BitMine continues to generate operating income via Bitcoin mining and uses immersion cooling technology to improve efficiency. The company aims to accumulate 5% of Ethereum’s total supply over the long term.
SharpLink, led by Ethereum co-founder Joe Lubin, has been aggressively growing its Ethereum treasury since June 2025. The company recently bought an additional ~77,200 ETH for close to $290 million, bringing its total holdings to 438,190 ETH. SharpLink focuses on steady capital raises and staking rewards to grow its treasury and maintains a cautious acquisition strategy with controlled leverage.
Institutional investors, including Ark Invest and Peter Thiel, have shown strong interest in BitMine, purchasing shares amid this race. The race between BitMine and SharpLink has drawn parallels to MicroStrategy’s Bitcoin strategy.
In addition, SOL Strategies will be the exclusive staking provider for Ark Invest's Digital Assets Revolutions Fund. Inflows into spot Ethereum ETFs have increased since June, with BlackRock iShares Ethereum Trust (ETHA) leading most of the inflows, managing over $10 billion in assets and holding 3 million ETH.
The competition between BitMine and SharpLink, often dubbed the "Ethereum treasury race," is a closely watched event by investors. As both companies continue to accumulate Ethereum, the race remains active and intriguing.
BitMine Technologies and SharpLink Gaming are not only competing to have the largest Ethereum holdings, but they are also attracting significant interest from institutional investors such as Ark Invest and Peter Thiel. SharpLink, led by Ethereum co-founder Joe Lubin, is focusing on steady capital raises and staking rewards to grow its Ethereum treasury, while BitMine, led by Tom Lee, is considering alternative methods of capital management like share buybacks and Bitcoin mining, employing immersion cooling technology to enhance efficiency. This competition in finance, specifically investing in technology through Ethereum, is a major point of interest within the cryptocurrency market.
