BitMine and SharpLink amass $1B stash amid Ethereum’s rising appeal as ‘digital oil’

Ethereum-focused firms BitMine and SharpLink Gaming have each surpassed $1 billion in ETH holdings.

BitMine disclosed on July 17 that it now holds 300,657 ETH, valued at approximately $1.04 billion. The firm acquired its holdings at an average price of $3,461.89 per token.

Conversely, SharpLink Gaming has also expanded its Ethereum position, purchasing an additional $68.4 million worth of ETH.

Blockchain analysis platform Arkham Intelligence pointed out that this latest purchase, combined with ETH’s price appreciation, brings SharpLink’s total holdings to an estimated $1.10 billion, not including any staking rewards.

Meanwhile, separate data from the Strategic ETH Reserve places SharpLink’s wallet at 280,600 ETH, worth about $962.8 million at the time of the report.

Strategic Ethereum Reserve (Source: Strategic ETH Reserve)

According to Oblong Research, this wave of institutional purchases reflects a broader realization that Ethereum is not just a speculative asset but a foundational layer for the growing on-chain economy.

With roughly $237 billion in value secured on its network, ETH is increasingly viewed as “digital oil,”  a productive base asset that powers a wide range of decentralized applications.

Total Capital Secured on Ethereum (Source: Oblong Research)

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