Joe Lubin, one of the orchestrators of SharpLink Gaming’s Ethereum treasury strategy, wants his company to stack Ether as fast as possible for shareholders — a war cry as firms clamber to lead the ETH accumulation race.
“We believe that we’ll be able to accumulate more Ether — per fully diluted share — much faster than any other Ethereum-based project, or certainly faster than the Bitcoin-based projects,” the company’s chairman told Bloomberg Television on Monday.
SharpLink is accumulating capital “every single day” through at-the-market facilities to expand its Ether (ETH) reserves, while simultaneously staking its existing holdings to earn yield and compound its position, said Lubin, who is one of eight founders of Ethereum and currently the CEO at Ethereum infrastructure firm Consensys.
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 currently leads the way with 566,800 ETH valued at $2.13 billion, while SharpLink comes in second at 360,800 ETH worth $1.35 billion, StrategicETHReserve data shows.
The Ethereum Foundation, The Ether Machine and PulseChain round out the top five, while Coinbase, Bit Digital and Golem Foundation also hold more than 100,000 ETH each.
Largest Ethereum treasury firms by ETH holdings. Source: StrategicETHReserve.xyz
Race to stack ETH is driving demand pressure
The ETH treasury adoption trend has been seen as actively driving demand for Ether, helping it catch up after trailing the likes of Bitcoin (BTC) and Solana (SOL) earlier in this bull cycle.
As a result, ETH is now up 110% to $3,800 over the last three months, while many of its competitors have made modest double-digit gains, CoinGecko data shows.
“What we’re seeing is institutional FOMO at scale — major players racing to establish dominant positions before potential ETF approvals create even more demand pressure,” crypto cybersecurity analyst Wilson Ye posted to X on Monday.
“This competition actually validates the thesis that ETH is becoming institutionalized infrastructure,” Ye added.
🟢 BREAKING SΞR NEWS: Bitmine Immersion Technology $BMNR purchases 137,515 ETH and overtakes SharpLink Gaming to become the #1 holder in the SΞR with a massive 300,657 ETH.
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.
Lubin said SharpLink currently carries no leverage but is exploring a convertible note offering — a financing method that Michael Saylor’s MicroStrategy repeatedly used to grow its Bitcoin holdings.
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.
Magazine: Robinhood’s tokenized stocks have stirred up a legal hornet’s nest
