SharpLink and BitMine's Ethereum Holdings both exceed one billion USD, with ETH breaking through 3600 USD leading the crypto market!

Billion Dollar Club Expansion: Public Company ETH Holdings Surge SharpLink Gaming and BitMine Immersion Technologies, the two largest publicly listed Ethereum ETH holding institutions in the US, have recently both raised their ETH holdings to over $1 billion. This development coincides with a significant surge in Ethereum prices—ETH has robustly broken through the $3600 mark, with an increase of 21.2% over the past week, far exceeding Bitcoin BTC's 2.96% increase during the same period, highlighting the surge in institutional demand for ETH.

Massive Capital Injection: SharpLink Raises $5 Billion to Increase ETH, BitMine Aims for 5% Circulation The on-chain data analysis platform Lookonchain shows that SharpLink Gaming recently purchased 32,892 ETH (approximately $115 million), having just increased its holdings by 20,279 ETH the previous day. Over the past 9 days, SharpLink has accumulated a total of 144,501 ETH (worth $515 million), with total holdings surpassing $1 billion. Notably, this is just the beginning: SharpLink has submitted a "preliminary prospectus supplement" to the U.S. SEC, planning to raise up to $5 billion in common stock through a sales agreement, with the proceeds intended to further increase its ETH treasury reserves and support business expansion.

BitMine, supported by well-known investor Tom Lee, also announced that its ETH holdings have increased to 300,657 coins (worth over $1 billion). Tom Lee, chairman of the BitMine board, stated: "Just seven days after completing a $250 million private placement, our ETH holdings have surpassed $1 billion. The company is steadily advancing towards its goal of acquiring and staking 5% of the total supply of Ethereum."

The trend of increasing holdings spreads: GameSquare raises 90 million USD, mining company BTC Digital follows suit by shifting investments to ETH In addition to the aforementioned giants, GameSquare Holdings has completed a $70 million public offering, which is a key step in its plan to build a $100 million Ethereum treasury. The company raised funds by selling 46.6 million shares at a price of $1.50 per share. GameSquare CEO Justin Kenna stated, "The transaction includes a 15% over-allotment option, which, if fully exercised, will bring the total fundraising amount to $80.5 million. Combined with the $9.2 million raised last week, the total proceeds from the two rounds of financing exceed $90 million."

Bitcoin mining company BTC Digital follows in the footsteps of BitDigital, announcing that it will convert all of its Bitcoin BTC holdings into Ethereum ETH. The company also disclosed that it has completed a $6 million financing and additionally increased its holdings by $1 million in ETH.

Institutional Logic: ETH's "Dual-Track Asset" Attribute and the "Digital Oil" Narrative NoOnes CEO Ray Youssef pointed out to BeInCrypto that there is a profound logic behind the trend of institutions actively building ETH reserves. Companies are realizing that Ethereum is not only a practical network but also a strategic store of value, aligning with its positioning as "digital oil." "Ethereum is quietly establishing its position as the next-generation digital financial infrastructure, driving the integration of decentralized finance ( DeFi ) and traditional finance ( TradFi ). The scale of tokenized asset management on the Ethereum network ( AUM ) has surpassed $5 billion, and its dominant position in real-world applications is no longer just theoretical. From tokenized U.S. Treasuries to institutional-grade stablecoin channels, Ethereum is becoming the de facto standard layer for compliant on-chain finance."

He further explained that the evolution of Ethereum's monetary attributes has enhanced its appeal: the continuously improving utility, strong fundamentals, unique characteristics such as the deflationary mechanism, and the possibility of earning yields through staking make ETH an extremely attractive option in the asset allocation model of corporate treasuries. These qualities are particularly crucial for institutions seeking high-beta alternatives to break through the traditional Bitcoin treasury model. "Ethereum is steadily rising to become a Bitcoin complementary asset at the institutional level. Bitcoin is held as a macro hedge tool or ideological reserve, while ETH is increasingly seen as the foundational asset of the compliant on-chain digital economy."

Underlying Logic Shift: From Holding Cryptocurrency to Controlling Ecological Infrastructure Industry expert Jamie Elkaleh pointed out that the recent surge in ETH prices is not only the result of market trends or investor enthusiasm, but also reflects a fundamental shift in institutional understanding and valuation methods for digital assets like Ethereum. "The core attraction of Ethereum today lies in its dual identity: a yield-bearing asset and an infrastructure layer. For institutions, the focus is no longer just on holding cryptocurrencies—it's also about mastering the underlying network that drives the entire ecosystem."

Conclusion:

The listed company ETH holdings have rapidly surpassed the one billion USD threshold, with mining companies collectively shifting direction and capital being injected on a large scale. This clearly outlines the strategic revaluation of institutional funds towards Ethereum. Although ETH shows strong leading momentum in the short term, whether it can continue to outperform Bitcoin still depends on the subsequent market dynamics and the evolution of regulatory frameworks. However, a certain trend has already emerged: in the process of building a compliant on-chain financial ecosystem, Ethereum is upgrading from an "application platform" to a "core reserve asset" that stands alongside Bitcoin in institutional treasury models, and its underlying value narrative as "digital oil" has gained unprecedented substantive support.