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Home Market Research Cryptocurrency

Tom Lee’s Bitmine Overtakes SharpLink As Larget ETH Holder

by TheAdviserMagazine
2 months ago
in Cryptocurrency
Reading Time: 5 mins read
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Tom Lee’s Bitmine Overtakes SharpLink As Larget ETH Holder
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The Ethereum rally in two months is unprecedented, with the asset class adding more than $150 billion to its market cap since the beginning of July. The race for Ethereum Treasury has just begun with public companies like Bitmine Technologies (NYSE: BMNR) and SharpLink Gaming (NASDAQ: SBET) scooping more than $600K ETH from the open market this month, fueling the open rally.

BlackRock joins the race too, with more than $2.1 billion in inflows over the past ten days, and filed for staking approval from the U.S. Securities and Exchange Commission (SEC) on Thursday. The Ethereum price is up 7.8% trading at $3,600, as of press time, with ETH futures open interest now surging past $51.27 billion.

Ethereum Mcap Soars by $150B, Triggers Major Short Squeeze

The Ethereum rally, which has added more than $150 billion in its market cap since July 1, has led to a historic short squeeze. According to data from Zerohedge, net leveraged short positions on Ethereum reached a record high heading into July. It was approximately 25% higher than the levels recorded in February 2025. In a sharp reversal, Ethereum has since rallied over 50% in under a month, squeezing short positions and signalling a major shift in market sentiment.

This ETH price rally has already triggered billions of dollars in short liquidations. If ETH price climbs another 10% i.e. to $4,000 and beyond, an additional $1 billion in short positions could be wiped out.

Tom Lee’s Bitmine Overtakes SharpLink As Larget ETH Holder
Source: Coinglass

BitMine Technologies Top Ethereum Treasury Charts Overtaking SharpLink Gaming

The race for Ethereum Treasury is heating up pretty quickly, with Bitmine Technologies (NYSE: BMNR) overtaking SharpLink Gaming (NASDAQ: SBET) as the largest ETH holder. Over the past week, the Ethereum Foundation has slipped to the third spot in this list. This happened as tech billionaire Peter Thiel took a $500 million stake in Tom Lee’s Bitmine, after the company’s recent pivot to building its own strategic ETH reserve.

Bitmine Technologies Tops ETH reserve chartsBitmine Technologies Tops ETH reserve charts
Source: Strategic ETH Reserve

On Thursday, Bitmine Technologies stated that it has accumulated more than 300,000 ETH, valued at over $1 billion. Lee also revealed the firm’s ambitious target of acquiring and staking 5% of Ethereum’s total supply, worth a massive $20 billion at current prices.

On the other hand, SharpLink Gaming has added another 18,711 ETH to its holdings, worth approximately $65 million, contributing the latest Ethereum rally. The company also announced plans to raise up to $5 billion in new funding, which will be used to further expand its Ethereum portfolio.

BlackRock Ethereum ETF Sees Highest Daily Inflows

BlackRock iShares Ethereum Trust (ETHA) recorded the largest daily inflows at $544 million on Thursday. This comes as the asset manager filed for a staking approval on its Ethereum ETFs, with the US SEC yesterday.

The net inflows for BlackRock’s ETHA have crossed more than $7.6 billion since inception, with more than $3 billion coming in the last two months since April-end. The net inflows across all US ETF issuers have also crossed $7.1 billion.

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coingapecoingape

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.



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