TLDR
- Tom Lee’s BitMine purchased 52,475 ETH worth $220 million during the latest Ethereum dip.
- The company now holds 1.57 million ETH valued at $6.6 billion.
- BitMine recently became the second-largest crypto treasury company after surpassing MARA Holdings.
- Shaplink Gaming acquired 143,593 ETH between August 10 and 17 at an average price of $4,648.
- Shaplink now holds 740,760 ETH and has earned 1,388 ETH in staking rewards since June.
BitMine has purchased 52,475 ETH worth $220 million amid Ethereum’s latest price drop, strengthening its crypto treasury. The firm now holds 1.57 million ETH, valued at $6.6 billion, after consistently accumulating it during the ongoing Ethereum dip. This comes just a day after BitMine became the second-largest crypto treasury company, overtaking MARA Holdings.
BitMine Boosts Ethereum Holdings Amid Market Decline
BitMine continues to buy aggressively as Ethereum drops below $4,200, nearing the key $4,000 psychological support. The company received the recent ETH batch from BitGo’s hot wallet, according to Lookonchain, citing Arkham Intelligence. With this move, BitMine confirms its long-term strategy to grow its Ethereum treasury.
The Ethereum dip has accelerated BitMine’s accumulation, with $1.7 billion in ETH added since last week alone. The company targets 5% of Ethereum’s total supply, positioning itself for a dominant role in the market. This latest move strengthens its bid, bringing its treasury to 1.57 million ETH.
Tom Lee pointed to macroeconomic tensions as a possible cause for the market downturn. He mentioned the upcoming Jackson Hole conference as a reason for market hesitancy. “Investors are waiting for Jerome Powell’s speech,” Lee stated in a post on X.
SharpLink Gaming Ramps Up ETH Purchases
SharpLink Gaming has also responded to the Ethereum dip by adding 143,593 ETH at an average price of $4,648. The company now holds 740,760 ETH, showing rapid growth since starting its treasury strategy in June. Staking rewards have added another 1,388 ETH to the total.
With Ethereum’s current weakness, SharpLink Gaming may continue buying, as it still holds $84 million for future purchases. The Ethereum dip gives it a chance to lower its cost basis and expand its share. Its ETH concentration now sits at 3.87%, up 94% since June.
The accumulation reflects a broader trend among crypto treasury firms using price corrections to expand. SharpLink’s aggressive posture mirrors BitMine’s, fueling a growing race among institutional buyers. The firm’s public filing confirms it remains active in Ethereum treasury expansion.
Treasury Companies Hold Over 5% of ETH Supply
Strategic ETH Reserve data shows Ethereum treasury companies now hold 4.10 million ETH worth $17.13 billion. This accounts for just over 5% of Ethereum’s total circulating supply. The Ethereum dip has prompted these firms to increase their holdings aggressively.
With BitMine and SharpLink leading, the race to secure large Ethereum treasuries is intensifying. Both firms continue to expand despite market volatility and falling prices, suggesting growing institutional interest in Ethereum’s long-term value.
