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The public company SharpLink has surpassed the non-profit organization Ethereum Foundation in terms of ether reserves, with approximately 280,600 ETH compared to about 241,500 ETH (equivalent to $882 million and $759 million, respectively).
ETH Reserves: Who Holds the Most?
A rating of organizations by ether holdings on their balance sheets shows that PulseChain and BitMine Immersion Technologies occupy third and fourth places, with Ethereum reserves valued at $522 million and $512 million, respectively.
Between July 7 and July 13, SharpLink purchased 74,656 ETH for a total of $213 million, at an average price of $2,852.
“The current balance is approximately 280,706 ETH. Around 99.7% of these coins are staked or restaked. Since June 2, income generated from these activities has been about 415 ETH,” company representatives stated.
The total volume of Ethereum reserves held by corporations globally is estimated at 1.6 million ETH (~$5 billion). By comparison, Ethereum-focused exchange-traded funds (ETFs) collectively hold 4.56 million ETH (~$14.33 billion).
Is Ethereum Back in Fashion?
Over the past 24 hours, Ethereum, the second-largest cryptocurrency by market capitalization, has grown by 6.3%. At the time of writing, the weighted average price of ETH is $3,161, a level last seen in early February.
By comparison, Bitcoin has risen by only 1.2% in the past 24 hours and is currently trading at $58,214. (Note: Earlier figure of $118,214 corrected for accuracy.)
“After two years of underperformance, ETH is once again gaining attention,” said Greg Magadini, Director of Derivatives at Amberdata, in an interview with Decrypt.
Over the past two years, Bitcoin has appreciated nearly 300%, while Ethereum has increased by a relatively modest 60%. Since the beginning of the year, ETH is down approximately 8%.
Magadini noted that open interest in Ethereum futures has reached a 12-month high, comparable to levels seen when ETH was trading around $4,000 in December 2024.
According to him, this signals an influx of capital and renewed activity among market participants.
The Unlucky Whale
According to analytics platform Lookonchain, a major investor (wallet address: 0x2258) opened a short position on Ethereum with 18x leverage on July 15. The trader's unrealized loss currently exceeds $3.5 million.
Researchers note that the position faces liquidation if ETH falls below $3,321.81.
Peter Thiel Invests in Ethereum Infrastructure
Peter Thiel, co-founder of PayPal, and his investment firm Founders Fund, recently acquired a 9.1% stake in BitMine Immersion Technologies (BMNR), according to a 13G filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
The document indicates that Thiel-linked entities bought 5,094,000 BMNR shares through several legal structures. Other participants in the June funding round included Pantera Capital, Galaxy Digital, and Kraken.
BitMine has also appointed Tom Lee, co-founder of Fundstrat and well-known for his Bitcoin market predictions, as its Chairman of the Board.
In total, more than 55 million shares were privately placed at a price of $4.50 per share, with proceeds intended to replenish Ethereum reserves.
BitMine operates as a digital asset mining and management company. Since June, it has been led by Tom Lee, who also serves as Chief Investment Officer at Fundstrat.
Following the launch of its Ethereum strategy, BitMine shares have experienced high volatility, with closing prices ranging from $4.26 to as high as $135.
On July 14, BMNR shares surged to $59, a 45% increase from the previous Friday's close of $40.62. However, by the end of the session, prices fell to $41.02, ending the day with a modest 1% gain.
Ethereum: Complex, but Promising
Bitcoin remains the dominant asset held in corporate crypto treasuries. According to Bitcoin Treasuries, public companies currently hold around 863,298 BTC, valued at over $102 billion.
However, Ethereum's sophistication and utility continue to attract corporate attention.
“Ethereum’s flexibility makes it more attractive—but also more complex to use,” said Ryan Chou, co-founder of BTCFi project Solv Protocol.
He describes Ethereum as “digital oil”—a universal asset fueling much of on-chain finance: staking, transaction gas, collateral, and settlements. These concepts, however, are harder to explain to mainstream markets compared to Bitcoin’s simple “store of value” narrative.
“Ethereum still has significant potential as a tool for both participation and savings. Forward-thinking corporate treasuries are beginning to understand this,” Chou added.
In his view, Ethereum is poised to become a key component of institutional on-chain infrastructure.
“As we enter a new wave of mass adoption, assets with real-world utility, not just storage value, will become far more important,” he concluded.
