Ethereum Treasury Race Heats Up as SharpLink Eyes More Buys

SharpLink is preparing to buy more Ethereum after moving $145M USDC, aiming to grow its already huge ETH treasury holdings.

Rival BitMine has overtaken SharpLink with a $2B Ethereum buy, fueling a competitive race among firms to hold more ETH.

Corporate ETH accumulation by SharpLink and BitMine could reduce supply and push Ethereum toward the $4,000 resistance level.

SharpLink Gaming is signaling its intent to expand its massive Ethereum treasury as it moves $145 million USDC to Galaxy Digital. The transfer suggests another major Ether accumulation round could be imminent

SharpLink, one of the largest corporate holders of Ethereum, currently owns 360,807 ETH. If confirmed, the new purchase would boost its holdings. The move comes as Ethereum trades at $3,742, up 0.15% in the past 24 hours.

Additionally, the company strengthened its leadership team by appointing former BlackRock senior executive Joseph Chalom as Co-CEO. Chalom, who previously launched the iShares Ethereum Trust, brings strong institutional credibility to SharpLink’s ETH-focused strategy

Current CEO Rob Phythian will transition to President and remain on the board. SharpLink also tapped Ethereum co-founder Joseph Lubin as chairman earlier this year, further solidifying its deep ties to the ecosystem.

BitMine Surpasses SharpLink in ETH Holdings

The timing of SharpLink’s potential purchase follows a massive Ethereum buy by rival BitMine Immersion Technologies. On Thursday, BitMine announced it had acquired 566,776 ETH worth more than $2 billion, overtaking SharpLink’s treasury size

BitMine revealed plans in June to establish its Ethereum treasury and appointed well-known crypto bull Tom Lee as board chairman. This aggressive strategy marks BitMine’s push to become a dominant player in Ethereum accumulation.

In addition, the two companies' rivalry is influencing an expanding corporate race for possession of substantial ETH reserves. These actions are similar to the method used by MicroStrategy to accumulate Bitcoin in prior years. As a result, the actions impact Ethereum's price trajectory and institutional adoption in the coming months.

Institutional Strategy and Market Impact

Chalom emphasized his vision for SharpLink to lead the way in building decentralized financial infrastructure using Ethereum. Moreover, the firm’s alignment with Ethereum’s long-term potential reflects broader market confidence in the asset. Institutional-grade treasuries like SharpLink and BitMine provide advisors new ways to give clients exposure to ETH without direct custody.

However, if buying demand increases, the supply of ETH may become more limited due to the competitive nature of these Treasury building. A successful purchase might bolster Ethereum's upward trend and refocus attention on the $4,000 resistance level.

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