Two unlikely companies, SharpLink Gaming (SBET) and Bitmine Immersion Technologies (BMNR), are redefining what it means to be an ETH-first corporation. They have acquired more ETH than the Ethereum Foundation, treating ETH as a core part of their balance sheets, not just a speculative asset.

SharpLink Gaming, based in Minneapolis, holds 280,706 ETH, valued at over $1 billion. The company raised over $400 million through equity offerings to fund its accumulation strategy. The ETH is staked for yield, and SharpLink positions itself as a bridge between public equity markets and decentralized finance.

Bitmine Immersion Technologies, chaired by Tom Lee, now holds 300,657 ETH, worth approximately $1.13 billion. Lee’s strategy draws comparisons to MicroStrategy’s Bitcoin playbook, aiming to control up to 5% of ether’s total circulating supply. Backed by investors like Peter Thiel, Bitmine aims to function as an ETH-native reserve institution.

The rivalry between SharpLink and Bitmine intensifies, with Ethereum co-founder Joseph Lubin calling it a mix of “cut-throat one-upmanship” and potential collaboration. The competition could lead to increased ETH accumulation, impacting market momentum as ETH climbs 6.5% to approximately $3,800 in the past 24 hours, extending a seven-day rally of nearly 27%.

Read more at Yahoo Finance: ETH Treasury Race Heats Up as SharpLink and Bitmine Battle for Dominance