Ether’s price drop came amid a broader crypto market selloff. CoinGecko data shows total market capitalization declined 4.1% over the past 24 hours, driven largely by renewed political volatility in the U.S.
The downturn follows a high-profile dispute between Elon Musk and Donald Trump over the former president’s sweeping tax-and-spending plan, dubbed the “One Big Beautiful Bill.” Musk called the legislation “utterly insane,” warning it would deepen the national debt by $5 trillion, reverse clean energy incentives, and harm employment. He also threatened to campaign against Republican senators who support it.
Trump responded by lashing out personally, suggesting Musk should be deported — despite his U.S. citizenship — and accused him of opposing the bill out of self-interest related to Tesla’s lost subsidies. The feud has heightened investor concerns around fiscal policy, energy markets, and regulatory stability — issues that have historically influenced crypto valuations.
Amid this uncertainty, a rapidly growing list of companies are buying ETH as a strategic reserve asset. On Tuesday, SharpLink Gaming (Nasdaq: SBET) issued a press release stating it had acquired an additional 9,468 ETH — worth $22.8 million — between June 23 and June 27. This brings its total ETH holdings to 198,167, reinforcing its position as the world’s largest publicly traded holder of Ethereum. The company noted that most of the funds came from a $24.4 million capital raise via its at-the-market (ATM) facility.
SharpLink Chairman Joseph Lubin, who also co-founded Ethereum, said the company is embedding ETH at the center of its balance sheet as part of a broader push to align with the digital economy. He framed Ethereum not as a speculative asset, but as a “strategic currency” for the future of digital commerce.
The previous day, BitMine (NYSE American: BMNR) disclosed a $250 million private placement to fund an Ethereum treasury strategy. The deal, expected to close by July 3, includes major backers such as Pantera, Founders Fund, Galaxy Digital, Kraken, and DCG. BitMine plans to designate ETH as its primary treasury reserve asset and deploy it in staking and DeFi protocols. Chairman Thomas Lee highlighted Ethereum’s dominance in stablecoins and smart contracts, while CEO Jonathan Bates said the company will partner with FalconX, BitGo, and Fidelity Digital to expand its holdings.
Together, these developments reflect a broader shift in institutional attitudes toward Ethereum’s role in treasury management — even as ETH price action remains under pressure.
