Bitmine has accumulated $2 billion in ETH and has turned the script over with Sharplink’s recent advantage, showing a fierce battle against Ethereum’s liquid supply.
summary
- Bitmine has accumulated over $2 billion in Ethereum’s top public holder, surpassing Sharplink.
- Rapid accumulation has highlighted the growth of the corporate race that controls ETH supply and could impact Ethereum’s future governance.
On July 24th, NYSE-listed Bitmine Immersion Technologies announced that its holdings of Ethereum (ETH) have skyrocketed by more than $2 billion.
The company currently manages 566,776 ETH, worth around $3,643 per token at disclosure, marking one of the fastest, large-scale accumulations by public companies in crypto history. Bitmine Chairman Fundstrat Tom Lee framed the move as part of a long-term strategy that will ultimately bet 5% of Ethereum’s total supply.
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New aspects of corporate crypto strategies
The sudden surge in Ethereum Holdings in Bitmine could be interpreted as a calculated escalation to control the ongoing ETH accumulation arms race for publicly available companies.
This repositioning of the movement was Bitmine ahead of its nearest rival, Sharplink Gaming. This just regained its top spot on July 22nd with a purchase of 79,949 ETH. This brings Sharplink total to 360,807 ETH, which then amounts to $1.3 billion.
However, Bitmine’s rapid fire expansion erased that lead within 48 hours. In doing so, it more than doubled the gap and retained more than 200,000 ETH than Sharplink. The two companies are competing to lock in ETH supplies, but their tactics are different.
While it appears that Bitmine is frontloading its strategy in anticipation of future protocol-level roles or governance leverage within Ethereum validator sets, Sharplink is advocating for consistent weekly purchases and agriculture.
What is emerging is no longer just a contest over the bragging rights of market capitalization. The former novelty Public S Leaderboard is a live indicator of how corporate actors are now embedding themselves into Ethereum infrastructure.
According to a recent Coingecko survey, as of July 23, the total ETH held by public companies was 1,268,785, worth around $46.9 billion. Over 73% of that is managed by just two companies, Bitmine and Sharplink. That level of concentration affects everything from the distribution of validators to future network governance, especially when these holdings are covered in bulk.
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