Sharplink, the second-largest Ethereum digital assets treasury, boosted its staking position by 422 ETH in the past week, driving its total staking rewards to over 20,000 ETH. This move coincides with heightened staking participation on the Ethereum network even as ETH’s price fell below $2,000.
The recent spike in Ethereum staking is reflected in network data showing more than three million entries into staking validators, compared to around 70,000 exits. Despite this increased participation, Ethereum’s price declined sharply, losing over 5% in a day to dip near $1,870, affected by low U.S. spot demand and minimal institutional buying pressure.
Sharplink’s digital asset portfolio now includes approximately 868,699 ETH, valued at around $1.63 billion, significantly trailing Bitmine’s holding of over 5.4 million ETH worth nearly $11.6 billion. Bitmine’s staking strategy dwarfs Sharplink’s, with more than 4.7 million ETH staked, underscoring a considerable gap between the two entities.
This competitive dynamic appears to be fueling ambitions on both sides, with Sharplink signaling intentions to join the Russell 2000 and Russell 3000 indexes, while Bitmine recently added Ethereum to its preliminary Russell 3000 index list. Both companies emphasize their strategic expansion in Ethereum staking amid fluctuating market conditions.