The institutional Ethereum treasury race is accelerating, as two of the biggest corporate Ether holders are raising billions of dollars to acquire more of the worldโs second-largest cryptocurrency.
Public Bitcoin mining firm BitMine Immersion Technology is raising $24.5 billion through an at-the-market (ATM) stock offering, while SharpLink completed a $389 million capital raise from common shares.
Whales, or large crypto holders, have also been accumulating ahead of this weekโs key US inflation reports. A new entity acquired $1.3 billion worth of Ether (ETH) across 10 fresh cryptocurrency wallets, surpassing the record-breakingย $1 billion worth of Ether amassed by the exchange-traded funds (ETFs) on Monday.
In the broader economy, US federal debt ballooned to a record high of $37 trillion on Wednesday, a month after President Donald Trump signed the One Big Beautiful Bill Act into law on July 4.
Analysts said swelling deficits may eventually prompt looser policy, including quantitative easing, which is large-scale bond purchases by central banks that inject liquidity into the financial system, a development that may push Bitcoinโs (BTC) price to about $132,000 before the end of 2025, based on its correlation with the growing M2 money supply.
BitMine targets huge $24.5 billion raise as SharpLink boosts Ether war chest
The corporate Ether acquisition race is accelerating as the worldโs two biggest Ether treasury firms are raising capital to acquire more of the worldโs second-largest cryptocurrency, which is nearing its previous all-time high.
Public Bitcoin mining firm BitMine Immersion Technology is looking to raise $24.5 billion through a new at-the-market (ATM) stock sale to acquire more Ether tokens, according to a Tuesday US Securities and Exchange Commission filing.
BitMineโs offering came the same day as corporate crypto treasury firm SharpLink completed a $389 million capital raise from common stock shares for select institutional investors, according to another SEC filing. โWe intend to contribute substantially all of the cash proceeds that we receive to acquire ETH,โ the filing said.
Part of the $389 million net proceeds will also be used for โworking capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations,โ SharpLink said.
SharpLink has raised about $1.4 billion in gross proceeds to date from more than 71.5 million shares sold, the filing shows.
Bitmine is the worldโs largest corporate holder of Ether with 1.2 billion ETH worth $5 billion on its books, followed by SharpLink with 598,000 Ether worth $2.64 billion, data from StrategicEthReserve shows.
BitMine previously announced plans to acquire up to 5% of Etherโs supply.
Record $37 trillion US debt and M2 money growth set stage for $132,000 Bitcoin
The US federal debt has reached a record $37 trillion, adding fuel to calls that rising deficits and potential money supply growth may underpin a Bitcoin rally to $132,000 by yearโs end.
โThanks to the One Big Beautiful Bill Act, the debt just officially passed the $37 trillion mark,โ said Representative Thomas Massie in a Wednesday X post.
The US deficit has risen to its latest record high a month after Trump signed the One Big Beautiful Bill Act into law on July 4, which he said would cut as much as $1.6 trillion in federal spending.
Analysts said swelling deficits may eventually prompt looser policy, including quantitative easing, which is large-scale bond purchases by central banks that inject liquidity into the financial system.
Bitcoin advocates argue that an increasing money supply and rising inflation concerns may lead to a renewed recognition of Bitcoinโs monetary scarcity, pushing the worldโs first cryptocurrency to new all-time highs.
Bitcoin will either โGodzillaโ up or drop on โalt mania,โ Samson Mow says
Bitcoin reached a new all-time high, and its next move will either be a surge into new price discovery or a halt to make way for the oncoming altcoin season, said Bitcoin pioneer Samson Mow.
Bitcoin prices reached $124,500 on Coinbase in early trading on Thursday, according to TradingView. The move added 3.5% to the asset on the day and pushed total crypto market capitalization to a record high of $4.26 trillion.
Mow said there are now two possible paths for Bitcoin:
โWe Godzilla or Omega up, suck all the oxygen out of the room, and altcoins drop 30-40%,โ or โalt maniaโ peaks, triggering a massive sell-off as the โBagholderโs Dilemma loses equilibrium,โ which would see BTC dipping briefly before going up again when altcoins tank, he said on Thursday.ย
The Bitcoin maximalist couldnโt resist having another bash at Ether (ETH), as he compared market capitalizations and said, โBut no matter what, itโs impossible that Ethereum is worth 4,600,000 BTC,โ before adding, โthis has to correct sooner or later.โย ย
Bitcoin briefly flips Google market cap as investors eye rally above $124,000
Bitcoin climbed to an all-time high above $124,000 on Thursday, stoking fresh optimism that the next leg of price discovery could push the cryptocurrencyโs market value toward Appleโs $3.4 trillion.
Bitcoin hit an all-time high of $124,457, leading the worldโs first cryptocurrency to briefly surpass Googleโs $2.45 trillion market capitalization, becoming the fifth-largest global asset.
โBitcoin all-time high and itโs only Wednesday,โ said Gemini co-founder Tyler Winklevoss in an X post, triggering optimistic responses, including from popular investor Kyle Chassรฉ, who predicted that this would be the โbest week for Bitcoin.โ
Bitcoinโs new milestone has inspired a new wave of optimism, as investors now eye the continuation of the price discovery phase, which may see Bitcoin surpass Appleโs market capitalization next.
Bitcoin would need to rise above $175,000 to flip Appleโs current $3.4 trillion market capitalization, which may occur before the end of August, said crypto analyst and Taproot developer Udi Wertheimer in a Thursday X post.
SEC to focus on โclearโ crypto regulations after Ripple case: Atkins
The United States Securities and Exchange Commission is signaling an increasing focus on developing a clear cryptocurrency regulatory framework after ending one of the industryโs longest-running legal battles.
The SEC and Ripple Labs ended their almost five-year dispute after both parties filed to drop their legal appeals and bear their costs and fees, according to a filing last Thursday with the Second Circuit Appeals Court.
The caseโs conclusion is a โwelcome developmentโ that ensures โminds once occupied with litigation now can concentrate on creating a clear regulatory framework for crypto,โ said SEC Commissioner Hester Peirce in a Monday X post.
โWith this chapter closed, we now have an opportunity to shift our energy from the courtroom to the policy drafting table,โ said SEC Chair Paul Atkins in response to Peirceโs post. โOur focus should be on building a clear regulatory framework that fosters innovation while protecting investors,โ he added.
The SEC sued Ripple in December 2020, alleging the company raised $1.3 billion through unregistered XRP securities sales. In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold to retail investors but was a security in sales to institutions. Ripple was fined $125 million in August 2024.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The OKB (OKB) token rose over 110% as the weekโs biggest gainer, followed by the Aerodrome Finance (AERO) token, up over 60% during the past week.
Thanks for reading our summary of this weekโs most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
