SharpLink & BitMine Double Down on Ethereum Treasury Plays—Here’s Why It Matters
Two crypto heavyweights just made power moves in Ethereum treasury management—and the market’s taking notice.
The backstory: SharpLink and BitMine are rewriting corporate crypto playbooks with aggressive ETH accumulation strategies. No vague "digital asset exposure" here—these firms are all-in on Ethereum’s institutional appeal.
Why it’s bullish: Their treasury shifts signal growing confidence in ETH as a reserve asset, even as traditional finance still debates whether crypto belongs on balance sheets (spoiler: it does).
The cynical take: Wall Street will probably start copying this strategy in 2026—right after their third "blockchain is just a fad" research report.
One thing’s clear: When crypto-native companies bet big on Ethereum, they’re not hedging—they’re frontrunning the next wave of institutional adoption.
BitMine begins NYSE options trading as SharpLink earns staking rewards on $1.3 billion ETH reserves
SharpLink made the disclosure via its official X (formerly Twitter) account on July 22, 2025, accompanied by a wallet screenshot confirming its 360,807 ETH holdings. The company noted that it had generated 567 ETH in cumulative staking rewards.
Backed by Ethereum co-founder Joseph Lubin, SharpLink has financed its ETH accumulation through a mix of operating revenue and a $96.6 million at-the-market (ATM) share issuance executed over the past month.
On Wednesday, July 23, BitMine announced the commencement of options trading for its common stock on the New York Stock Exchange under ticker symbol BMNR.
According to the company, the listing is intended to enhance liquidity and give investors additional flexibility to manage risk and express views on the company’s stock, while also supporting BitMine’s strategic objective of acquiring 5% of all Ethereum in circulation.
“Options trading on the NYSE is a major milestone for BitMine,” said Thomas “Tom” Lee of Fundstrat and Chairman of BitMine’s Board of Directors. “It reflects growing confidence in our vision and supports our goal of becoming one of the largest institutional holders of Ethereum in the world.”
BitMine, which combines Ethereum and Bitcoin mining with long-term crypto accumulation, has attracted investor attention for its bold treasury thesis and growing institutional presence.
Ethereum becomes the new hot asset for corporate treasuries
The simultaneous moves by SharpLink and BitMine come amid institutional rethinking of digital treasury assets. While bitcoin has long dominated the narrative around corporate crypto holdings, Ethereum’s transition to a proof-of-stake network, offering native staking rewards and more favorable regulatory treatment under recent US frameworks, is shifting the narrative.
A key enabler of this shift has been the GENIUS Act, passed in July 18, which clarified staking rewards as tax-deferred income and offered regulatory clarity on public companies holding Ethereum as a treasury reserve.
Still, risks remain. Some critics warn that high-profile ETH accumulation could expose companies to volatility, especially if the price of ETH falls or if staking infrastructure is targeted by regulators in the future.
Others point to the potential for dilution, as companies like SharpLink rely on ATM facilities to finance aggressive ETH buys.
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