Ethereum treasury battle! BitMine aims to raise $24.5 billion, SharpLink splurges $389 million.

Ethereum (ETH) is witnessing an institutional-level "treasury battle." The world's largest Ethereum holder, BitMine Immersion Technology, plans to raise up to $24.5 billion for the acquisition of more ETH; at the same time, SharpLink announced the completion of a $389 million stock sale, with most of the funds being invested in ETH acquisition. As institutions accelerate their positioning, the price of ETH is approaching historical highs, and the market's enthusiasm for Ethereum as a secondary reserve asset continues to heat up.

BitMine Mega Fundraising Plan

(Source: SEC)

According to a document from the U.S. Securities and Exchange Commission (SEC), BitMine will raise $24.5 billion through a new market sale (ATM) of stock, with the funds primarily used for the acquisition of ETH.

Current holdings: 1.2 billion ETH, worth approximately 5 billion USD

Goal: Ultimately hold up to 5% of the total supply of Ethereum.

BitMine is already the largest corporate holder of Ethereum in the world, and this fundraising plan will further consolidate its market position.

SharpLink's acquisition of hundreds of millions in ETH

(Source: SEC)

On the same day, SharpLink sold common stock to certain institutional investors, raising $389 million, and stated that almost all the funds will be used for the acquisition of ETH.

Current holdings: 598,000 ETH, valued at approximately 2.64 billion USD

Other uses: A portion of the funds will be used for working capital, corporate expenses, and core alliance marketing activities.

(Source: StrategicEthReserve)

SEC filings show that SharpLink has raised approximately $1.4 billion in total revenue through the sale of over 71.5 million shares to date.

Institutional Push Drives ETH Near Historical Highs

Driven by institutional funds, ETH has risen over 21% in the past week, currently priced at $4,408, just 9% shy of its historical high of $4,890 set in November 2021.

Bitget CEO Gracy Chen stated: "Wall Street and traditional finance are just beginning to accept the concept of Ethereum as a treasury reserve asset, and the interest in the tokenization of real-world assets is further driving this trend."

Long-term holding or reach 10% of total ETH supply

According to Standard Chartered's forecast, treasury companies focused on Ethereum could hold up to 10% of the total ETH supply in the long term, significantly higher than the 1% at the end of July.

StrategicEthReserve data shows that institutional holder concentration is rapidly increasing, and the active actions of BitMine and SharpLink may accelerate this process.

Conclusion

The massive fundraising actions of BitMine and SharpLink mark a new phase in the Ethereum treasury competition. As institutions accelerate their absorption of ETH, the dual effect of tightening market supply and increasing demand may drive ETH to challenge historical highs in the short term. Investors should closely monitor changes in institutional holdings and fundraising dynamics, as this will directly affect the medium to long-term trend of ETH. For more real-time market information and in-depth analysis, please follow the official Gate platform.