SharpLink vs. BitMine: Which Is the Best Ethereum Treasury Company

Ethereum’s Rise as Wall Street’s Crypto Darling

Ethereum (CRYPTO:ETH) has emerged as the cryptocurrency of choice for Wall Street, earning the moniker “the Wall Street token” from Jan Van Eck, CEO of Van Eck Funds, in a recent Fox Business interview. 

While Bitcoin (CRYPTO:BTC) remains the largest and most valuable crypto, Ethereum’s momentum is undeniable, fueled by its smart contract capabilities and institutional adoption. Analysts are bullish, with Standard Chartered’s Geoff Kendrick predicting ETH could hit $7,500 by year-end. 

This surge has birthed a new breed of Ethereum Treasury Companies (ETCs), modeled after Michael Saylor’s Bitcoin-focused Strategy (NASDAQ:MSTR). These firms, holding nearly $20 billion in ETH across 70 entities, aim to amass as much Ether as possible. 

Leading the charge are SharpLink Gaming (NASDAQ:SBET) and BitMine Immersion Technologies (NASDAQ:BMNR). On August 26, SBET reported owning 797,704 ETH after a 56,533 ETH purchase, while BMNR, with 1,713,899 ETH as of August 25, holds the title of the largest ETC. But which is the better investment today?

SharpLink Gaming (SBET): The Strategic Pioneer

SharpLink Gaming, a Nasdaq-listed iGaming and fan engagement platform, was the first to declare itself an ETC in June, pivoting to accumulate ETH aggressively. Led by Ethereum co-founder Joseph Lubin, SBET’s ETH holdings are valued at approximately $3.6 billion with an average acquisition cost of $34,462. The company has raised over $360 million recently, with $200 million in cash still available for further ETH purchases. 

SBET’s strength lies in its staking strategy, which has generated 1,799 ETH in rewards since June, equating to roughly $8 million at current prices. Its “ETH-per-share” metric offers transparency, bridging traditional finance and DeFi. Additionally, SBET’s $1.5 billion stock buyback program signals confidence in the company’s value and aims to support the share price if it falls below net asset value.

With Lubin’s Ethereum pedigree and a disciplined approach, SBET appeals to investors seeking stability and long-term alignment with Ethereum’s ecosystem.

BitMine Immersion Technologies (BMNR): The Aggressive Accumulator

BitMine Immersion Technologies is a former Bitcoin miner turned ETC that has taken a bolder approach: its ETH holdings are worth over $7.5 billion at current prices, making it the largest ETH treasury globally. 

Chaired by Fundstrat’s Tom Lee and backed by Peter Thiel, BMNR aims to control 5% of ETH’s circulating supply — a goal supported by a proposed $20 billion stock offering. Its rapid accumulation — it added 190,523 ETH in a single week recently — demonstrates unmatched aggression. 

BMNR’s stock has surged 459% in 2025, reflecting market enthusiasm. However, its price has been highly volatile, ranging from $1.93 to $161 per share, which increases risk for investors. Although details about BMNR’s staking activities are less clear, its scale and high-profile backing — including Galaxy Digital (NASDAQ:GLXY) and Pantera Capital — position it as a powerhouse. 

For investors chasing high-risk, high-reward opportunities, BMNR’s ambitious vision and liquidity make it compelling.

The Verdict

Choosing between SBET and BMNR hinges on investor priorities. SBET offers a disciplined, transparent strategy with Lubin’s Ethereum expertise and a focus on staking yields, making it ideal for those seeking stability and alignment with ETH’s long-term growth. BMNR, with its massive holdings and aggressive expansion, appeals to risk-tolerant investors betting on Ethereum’s price appreciation. However, BMNR’s heavy share dilution and volatility raise concerns about sustainability. 

For these reasons, SBET’s conservative approach, proven staking rewards, and stock buyback program make it a safer option for investors looking to benefit from ETH’s potential upside.

With that said, it’s not an either/or scenario — investors could own both to diversify exposure to the ETC trend. For those wanting to pick only one horse to back, SBET stands out as the better choice for its balanced strategy and lower risk profile, positioning it to lead the Ethereum treasury race in 2025.

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