ETH Treasury Shocker: Two Crypto Dark Horses Just Left the Ethereum Foundation in the Dust!

Move over, establishment players—the underdogs are running the show now.

How anonymous builders flipped the script

No VC backing. No dev grants. Just two pseudonymous coders rewriting Ethereum's treasury playbook while the Foundation scrambles to keep up. Their secret? Cutting-edge tokenomics that make legacy finance look like a medieval ledger.

The numbers don't lie

While institutional investors were busy overengineering their nth governance token, these unknowns deployed capital with surgical precision—proving once again that in crypto, execution beats pedigree every time.

Wake-up call for Web3

Another day, another reminder that decentralized finance actually works better when you remove the middlemen. Even if those middlemen happen to be Ethereum's most trusted stewards.

Bonus jab: Meanwhile, traditional finance is still trying to figure out if NFTs can be collateralized—bless their analog hearts.

Key takeaways

SharpLink and Bitmine, two relatively unknown companies, now hold more ETH than the ethereum Foundation. This, on the back of the altcoin seeing record inflows across Futures, ETFs, and corporate treasuries.

Ethereum [ETH] has a new set of corporate whales – and they’re not the tech giants or crypto-native blue chips you’d expect.

Two relatively obscure public companies, SharpLink Gaming [SBET] and Bitmine Immersion Technologies [BMNR], have quietly amassed more ETH than the Ethereum Foundation itself!

Their aggressive acquisition and staking strategies are reshaping how public markets interface with decentralized finance.

Sharplink’s billion dollar bet

Minneapolis-based SharpLink Gaming, once known for fan engagement tools, has become one of the world’s largest corporate holders of ETH. Its 280,706 ETH stash – worth just over $1 billion – is the result of a $400 million capital-raising spree through at-the-market equity offerings.

However, SharpLink isn’t just holding – It stakes the ETH for yield and even publishes an “ETH-per-share” metric to bring crypto-native transparency to the traditional equity world. In doing so, it’s positioning itself as a public market proxy for Ethereum’s long-term upside and DeFi yield dynamics.

Bitmine’s ETH playbook

That’s not all though as Bitmine Immersion Technologies, led by Fundstrat’s Tom Lee, has edged ahead with 300,657 ETH. The holdings are currently valued at around $1.13 billion.

With backing from Former Paypal CEO Peter Thiel and a vision modelled after MicroStrategy’s Bitcoin [BTC] approach, Bitmine’s ETH-first strategy brings Wall Street into Ethereum’s decentralized ecosystem.

The rivalry between both companies went public on Saturday when Ethereum co-founder Joseph Lubin commented on X, describing the SharpLink-Bitmine showdown as a “cut-throat one-upmanship.”

Source: X

OI surges as institutions pour in

Worth pointing out, however, that Ethereum’s rally is more about positioning than the altcoin’s price.

Source: Coinglass

For example – ETH Futures Open Interest skyrocketed to $50 billion, mirroring the token’s price climbing above $3,500. Meanwhile, spot market dynamics also seemed to confirm institutional conviction.

Source: SoSoValue

Finally, net inflows into ETFs hit a weekly high of $2.18 billion, with total net assets soaring past $18 billion. Such a dual surge in derivatives and spot inflows is a sign that institutional capital is being deployed.

Big money is stacking ETH at unprecedented levels, a strong sign of confidence in Ethereum’s structural upside.