SharpLink Gaming secured a $400 million registered direct offering from five institutional investors, accelerating its Ethereum treasury expansion beyond $3 billion. As of August 10, SharpLink held 598,800 ETH, and with $200 million in pending ATM proceeds, its holdings will exceed $3B post-purchase. CEO Joseph Chalom emphasized this reflects "market confidence in SharpLink’s ETH treasury strategy" and Ethereum's "transformative potential," following $900 million raised in recent weeks.
Simultaneously, BitMine Immersion Technologies announced its ETH reserves surged $2 billion in seven days to $4.96 billion (1.15 million ETH), positioning it as the largest corporate Ether holder. Backed by ARK Invest, Pantera, and Galaxy Digital, BitMine aims to acquire 5% of ETH's total supply.
Combined, SharpLink and BitMine command $8 billion in ETH, driving total institutional Ethereum holdings to $14 billion—fueling a 43% monthly price surge. Ethereum co-founder Vitalik Buterin cautiously endorsed corporate ETH treasuries but warned against overleverage risks, stating excessive borrowing could trigger "forced liquidations and erode market trust" during downturns.