Institutional Investors Piling into Ethereum Amid Price Dip

SharpLink Gaming and BitMine Immersion have been actively buying Ethereum (ETH) despite recent price drops. SharpLink reported $394.3 million in net losses for Q2, driven by unrealized ETH losses and staking token impairments. However, the company also raised $75 million through a share offering and bought 10,000 ETH, increasing its total holdings to 888,938 ETH.

BitMine Immersion took a different approach last week, buying back 3 million shares under its $4 billion repurchase program. The company also added 7,931 ETH, bringing its total to 5.805 million ETH, with 5.067 million of that staked through its Made in America Validator Network (MAVAN).

Ethereum staking hit a record high of 41.7 million ETH, about one-third of all circulating supply. Corporate treasury firms have played a significant role in this growth, with BitMine and SharpLink committing most of their treasuries to staking.