Daily Brief: Accelerated Ethereum Acquisition by Tom Lee Exceeds 1 Million Mark
In the world of cryptocurrency, competition is heating up as two major players, Tom Lee's BitMine Immersion (BMNR) and Joe Lubin's SharpLink, engage in a fierce battle to amass Ethereum (ETH).
BMNR, currently leading the Ethereum holdings race, boasts approximately 1.297 million ETH valued at around $5.77 billion as of mid-August 2025, making it the largest Ethereum corporate treasury globally [1]. SharpLink, on the other hand, holds significantly less — approximately 438,017 ETH worth $1.69 billion as of late July 2025, ranking second among public institutional holders [2].
BMNR has shown aggressive accumulation recently, adding 135,135 ETH ($600 million) within just 10 hours through institutional trading platforms, pushing its total close to $6 billion and demonstrating a rapid pace of buying and staking [1]. BitMine also plans to raise up to $20 billion more through stock sales to continue expanding its ETH holdings, targeting about 5% of the total Ethereum supply [5].
SharpLink, under Joe Lubin, also pursues an aggressive ETH accumulation strategy, buying 77,210 ETH in 24 hours ($295 million) in late July and aiming to increase ETH per diluted share substantially. SharpLink employs staking to compound value and utilizes daily capital raises through at-the-market offerings but remains more conservative with no leverage currently employed [2][4].
This competition remains intense, with both firms scaling their ETH reserves aggressively, but BitMine—led by Tom Lee—currently dominates in terms of sheer volume and capital deployed [1][2][4][5].
Meanwhile, other players are also making moves in the Ethereum market. Heritage Distillery announced $360M in financing to build an IP treasury. Joe Lubin's SharpLink is expected to disclose 600,000 ETH ($2.5 billion) in holdings after a significant buying spree [3]. Safety Shot, ALT5, and Circle are also building their own Ethereum treasuries [3].
The staking yield, DeFi, and composability of Ethereum are being highlighted as giving it a cash-flow edge over Bitcoin. ETH ETFs saw $1.02B in net inflows on Monday, a new record [4]. ETH has outperformed BTC in ETF inflows over the past 3 weeks [4].
As the race continues, the impact on the Ethereum market is significant. Wall Street analysts are discussing the ETH thesis on CNBC, and the competition between Tom Lee and Joe Lubin is reminiscent of MicroStrategy's accumulation of Bitcoin, but with two major players instead of one [6].
[1] BitMine Immersion (BMNR) Expands Ethereum Holdings, Aims to Acquire 5% of Total Supply [2] SharpLink Accumulates Ethereum, Aims to Increase ETH Per Diluted Share [3] Ethereum Treasuries: A New Trend in the Cryptocurrency Market [4] Ethereum Outperforms Bitcoin in ETF Inflows [5] BitMine's $20 Billion Plan to Buy More Ethereum [6] The Ethereum Race: Tom Lee vs Joe Lubin
Note: This article is not intended to provide financial advice. Always do your own research before making investment decisions.
