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Joe Lubin isn’t just building SharpLink Gaming; he’s building an Ethereum empire. As a key architect of their ETH treasury strategy, Lubin’s message is clear: acquire Ether, and acquire it aggressively. Forget slow and steady; this is a race to amass ETH, and SharpLink intends to win. Shareholders, prepare for liftoff.
“Our strategy isn’t just about acquiring Ether; it’s about hyper-growth. We’re laser-focused on amassing more Ether per share, at a pace that will leave other Ethereum projects, and definitely Bitcoin contenders, in the dust.”
Ethereum co-founder Joe Lubin’s SharpLink is on a daily mission: stacking ETH. Forget slow and steady; they’re turbocharging their reserves through at-the-market facilities. But they’re not just hoarding. SharpLink is also staking its existing ETH, turning crypto into a yield-generating machine and compounding their stake like digital alchemists. Lubin calls it building a future, one ETH block at a time.
Joe Lubin speaking on Bloomberg Television on Monday. Source: Bloomberg Television
BitMine Immersion Tech is currently leading the ETH treasury race
Lubin’s SharpLink is tussling with Tom Lee’s BitMine Immersion Tech to become the leading Ethereum treasury firm.
Lee’s firm isn’t just playing the crypto game; they’re dominating it, holding a staggering 566,800 ETH, a treasure chest valued at $2.13 billion. Trailing in their wake, SharpLink clutches a respectable 360,800 ETH, worth $1.35 billion, according to StrategicETHReserve data. But let’s be honest, in this high-stakes Ethereum race, Lee’s firm is leaving everyone else in the digital dust.
Ethereum’s inner circle boasts familiar names: the Ethereum Foundation, the enigmatic Ether Machine, and the upstart PulseChain. Beyond these titans, Coinbase, Bit Digital, and the Golem Foundation command considerable influence, each holding vast digital treasuries exceeding 100,000 ETH.
Largest Ethereum treasury firms by ETH holdings. Source: StrategicETHReserve.xyz
Race to stack ETH is driving demand pressure
Ether’s late-blooming bull run might just be fueled by a surprising source: ETH treasuries. As more DAOs and projects lock up Ether in their treasuries, demand surges, finally allowing it to play catch-up with the headline-grabbing gains of Bitcoin and Solana. Is this the catalyst that propels ETH to new heights?
Ethereum’s been on a tear. Forget modest gains – ETH has skyrocketed a breathtaking 110% to $3,800 in the last quarter, leaving its rivals trailing in the dust, according to CoinGecko.
“The herd is stampeding. Crypto analyst Wilson Ye describes the current rush as ‘institutional FOMO on steroids,’ with heavyweights battling for prime real estate ahead of a potential ETF gold rush.”
“This competition actually validates the thesis that ETH is becoming institutionalized infrastructure,” Ye added.
Bitmine Immersion Tech Dethrones SharpLink, Seizes SΞR Throne!
Hold the presses! Bitmine Immersion Technology ($BMNR) just dropped a seismic bomb on the SΞR ecosystem. A colossal acquisition of 137,515 ETH vaults them into the #1 holder spot, eclipsing SharpLink Gaming with a staggering 300,657 ETH. The reign has ended, a new titan has risen in the SΞR arena!
Tom Lee vs Joe Lubin – the $ETH accumulation race is on. pic.twitter.com/9SpONxIPm6 fabda.eth (@fabdarice) July 17, 2025
SharpLink to adopt low-risk approach
SharpLink plans to take a conservative approach when it comes to leverage, according to Lubin.
SharpLink, currently unburdened by debt, is eyeing a strategic move reminiscent of MicroStrategy’s Bitcoin accumulation playbook: a convertible note offering. This financing method, championed by Michael Saylor, could fuel SharpLink’s future growth.
Related: Evolving ETH futures data hints a potential rally to $5K
“No matter what we do, we’re going to keep leverage very much in check,” Lubin said.
“[We will] remain prudent concerning risk levels,” Lubin said, adding that over time its shareholders would benefit.
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