The crypto market continued to be shaken this past week when two giants, BitMine and SharpLink, announced that they had purchased nearly $1 billion more in Ethereum (ETH), despite the slight correction in ETH prices. This is the latest step in the strategy of establishing a digital asset treasury to increase power and long-term influence in the global blockchain market.
BitMine: Unbelievable buying speed, ambition to hold 5% ETH globally
Exactly one month after starting its large-scale ETH purchase, BitMine has increased its total holdings to 833,137 ETH, worth $2.9 billion, with an average purchase price of $3,492/ETH. Compared to last week, BitMine's Ethereum treasury has increased by 208,000 ETH (over $720 million).
Not only is this a financial move, it is also a strategic move that demonstrates BitMine's ambition to own 5% of Ethereum's total circulating supply - something that only organizations like Strategy or MARA dared to think about before.
“We are moving at a rapid pace to realize our strategy of purchasing 5% of Ethereum’s circulating supply. In 35 days, we went from zero to 833,000 ETH – unprecedented in crypto finance history,” said Tom Lee, Chairman of the Board of Directors of BitMine.
BitMine's BMNR stock is currently among the most traded stocks in the US, with an average daily volume of $1.5 billion, ranking in the top 50 US stock markets. At the same time, BitMine has just received additional capital from billionaire Bill Miller, a familiar name who backed Strategy during the Bitcoin buying period of 2020-2021.
SharpLink: Not to be outdone in the Ethereum treasury race
Not to be outdone, SharpLink Gaming – a direct competitor to BitMine in the Ethereum hoarding race – also announced that it had purchased an additional 83,561 ETH in the past week, equivalent to $264 million. As of now, SharpLink’s total ETH assets have reached 521,939 ETH, worth $1.9 billion.
The simultaneous acceleration of these two companies not only reflects the increasingly clear trend of crypto accumulation by large institutions, but also lays the foundation for a completely new era of digital treasury.
Conclude
With nearly $1 billion in ETH purchased in just one week, BitMine and SharpLink are showing their strength and determination to lead the new financial wave. In that picture, strategic partners like HVA Group will play an important role in helping Vietnamese and regional businesses join the global digital treasury revolution.
