The Ethereum rally in two months is unprecedented, with the asset class adding more than $150 billion to its market cap since the beginning of July. The race for Ethereum Treasury has just begun with public companies like Bitmine Technologies (NYSE: BMNR) and SharpLink Gaming (NASDAQ: SBET) scooping more than $600K ETH from the open market this month, fueling the open rally.
BlackRock joins the race too, with more than $2.1 billion in inflows over the past ten days, and filed for staking approval from the U.S. Securities and Exchange Commission (SEC) on Thursday. The Ethereum price is up 7.8% trading at $3,600, as of press time, with ETH futures open interest now surging past $51.27 billion.
The Ethereum rally, which has added more than $150 billion in its market cap since July 1, has led to a historic short squeeze. According to data from Zerohedge, net leveraged short positions on Ethereum reached a record high heading into July. It was approximately 25% higher than the levels recorded in February 2025. In a sharp reversal, Ethereum has since rallied over 50% in under a month, squeezing short positions and signalling a major shift in market sentiment.
This ETH price rally has already triggered billions of dollars in short liquidations. If ETH price climbs another 10% i.e. to $4,000 and beyond, an additional $1 billion in short positions could be wiped out.
The race for Ethereum Treasury is heating up pretty quickly, with Bitmine Technologies (NYSE: BMNR) overtaking SharpLink Gaming (NASDAQ: SBET) as the largest ETH holder. Over the past week, the Ethereum Foundation has slipped to the third spot in this list. This happened as tech billionaire Peter Thiel took a $500 million stake in Tom Lee’s Bitmine, after the company’s recent pivot to building its own strategic ETH reserve.
On Thursday, Bitmine Technologies stated that it has accumulated more than 300,000 ETH, valued at over $1 billion. Lee also revealed the firm’s ambitious target of acquiring and staking 5% of Ethereum’s total supply, worth a massive $20 billion at current prices.
On the other hand, SharpLink Gaming has added another 18,711 ETH to its holdings, worth approximately $65 million, contributing the latest Ethereum rally. The company also announced plans to raise up to $5 billion in new funding, which will be used to further expand its Ethereum portfolio.
BlackRock iShares Ethereum Trust (ETHA) recorded the largest daily inflows at $544 million on Thursday. This comes as the asset manager filed for a staking approval on its Ethereum ETFs, with the US SEC yesterday.
The net inflows for BlackRock’s ETHA have crossed more than $7.6 billion since inception, with more than $3 billion coming in the last two months since April-end. The net inflows across all US ETF issuers have also crossed $7.1 billion.
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