SharpLink Gaming and BitMine have made major strides in their Ethereum-focused treasury strategies, reinforcing a growing trend of public firms pivoting toward ETH accumulation as a long-term institutional asset.
SharpLink Gaming, a Nasdaq-listed company that made headlines in June by becoming the world’s largest public holder of Ethereum, announced on Monday that its ETH reserves had climbed to 360,807 ETH, worth approximately $1.32 billion at current prices.
Meanwhile, BitMine, a crypto mining and investment firm, has commenced options trading on the New York Stock Exchange, a move aimed at expanding investor access and boosting liquidity as the company pursues its ambitious goal of acquiring 5% of the global ETH supply.
Both developments mark a growing institutional appetite for Ethereum as a store of value and staking asset, following regulatory clarifications in the US and the rising demand for yield-bearing digital assets.
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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