Joe Lubin, a key architect behind SharpLink Gaming’s Ethereum treasury strategy, is pushing the company to accumulate Ether at breakneck speed — a bold move in the escalating race among firms vying to dominate ETH holdings.
“We believe we can amass more Ether — on a per fully diluted share basis — faster than any other Ethereum-based project, and certainly quicker than any Bitcoin-focused firm,” Lubin said in an interview with Bloomberg Television on Monday.
SharpLink is raising capital daily through at-the-market offerings to boost its Ether reserves, while also staking its current holdings to generate yield and reinforce its position. Lubin, one of Ethereum’s eight co-founders and the CEO of Consensys, emphasized the company’s aggressive strategy to maximize shareholder value through rapid ETH accumulation.
BitMine Immersion Technologies is currently at the forefront of the ETH treasury race
Joe Lubin’s SharpLink is locked in a battle with Tom Lee’s BitMine Immersion Tech for the top spot among Ethereum treasury holders.
BitMine currently holds the lead with 566,800 ETH valued at $2.13 billion, while SharpLink trails in second with 360,800 ETH worth $1.35 billion, according to StrategicETHReserve data.
Rounding out the top five are the Ethereum Foundation, The Ether Machine, and PulseChain. Other major holders with more than 100,000 ETH each include Coinbase, Bit Digital, and the Golem Foundation.
The race to accumulate ETH is fueling upward demand pressure
The growing trend of ETH treasury adoption is widely seen as a key driver of Ether’s rising demand, helping the asset rebound after lagging behind Bitcoin and Solana earlier in the current bull run.
Over the past three months, ETH has surged 110% to $3,800, outpacing many of its rivals, which have posted only modest double-digit gains, according to CoinGecko data.
“We’re witnessing institutional FOMO on a large scale — major players scrambling to secure dominant positions ahead of potential ETF approvals that could push demand even higher,” crypto cybersecurity analyst Wilson Ye posted on X Monday.
“This kind of competition reinforces the idea that ETH is evolving into institutional-grade infrastructure,” Ye added.
SharpLink to pursue a low-risk accumulation strategy
SharpLink intends to take a cautious stance on leverage, according to chairman Joe Lubin.
Lubin said the company currently holds no debt but is considering a convertible note offering — a funding strategy famously used by Michael Saylor’s MicroStrategy to expand its Bitcoin reserves.
“Whatever path we take, we’ll keep leverage firmly under control,” Lubin said, emphasizing the company’s commitment to risk management. “We’ll stay prudent when it comes to risk, and over time, our shareholders will reap the benefits.”
