Standard Chartered Backs ETH Treasury Firms Over ETFs as SharpLink Surpasses 480,000 ETH in Bold Accumulation
From SharpLink’s $1.65 Billion Ethereum Bet to Parataxis’s $640 Million Bitcoin Treasury Launch, Institutions Accelerate Digital Asset Adoption Through Corporate Holdings, Stablecoin Payrolls, and SPAC Deals


Because Bitcoin
August 5, 2025
SharpLink Gaming Surpasses 480,000 ETH After $160M Buying Spree, Becomes Major Institutional Holder
SharpLink Gaming has rapidly accumulated over 480,000 ETH, spending more than $160 million since mid-July and bringing its total Ethereum holdings to roughly $1.65 billion. The aggressive accumulation strategy, including major OTC deals with Galaxy Digital and previous purchases funded through equity offerings, positions SharpLink as one of the largest known institutional holders of ETH. Modeled after MicroStrategy’s Bitcoin playbook, this move could reshape how corporations approach treasury allocation. While it’s unclear if SharpLink plans to stake or participate in Ethereum governance, the scale and speed of its acquisitions are drawing significant market attention.
Coinbase Eyes Bitcoin Purchase With $2 Billion Note Offering, Could Become First S&P 500 Firm to Do So
Coinbase has announced a $2 billion convertible senior note offering targeted at institutional buyers, with maturities in 2029 and 2032. The proceeds may be used for corporate purposes including potential Bitcoin acquisitions, positioning Coinbase to become the first S&P 500 company to buy BTC using funds raised through such an offering. This move signals a growing shift of capital from traditional markets into digital assets. Coinbase already holds 11,776 Bitcoin, making it the 10th-largest public BTC holder.
Standard Chartered Says ETH Treasury Firms Now More Attractive Than U.S. Spot ETFs as NAV Multiples Normalize
Ethereum treasury companies have become “very investable,” according to Standard Chartered’s Geoffrey Kendrick, who sees them as a stronger opportunity than U.S. spot ETH ETFs. With NAV multiples stabilizing above 1.0, these firms offer investors exposure to ETH price gains, staking rewards, and DeFi—advantages not available in current ETF structures. Kendrick highlighted SharpLink Gaming (SBET) and BitMine (BMNR) as key players, noting ETH treasuries have already acquired 1.6% of all ETH since June. He expects their holdings to grow significantly, potentially reaching 10% of total supply as institutional adoption accelerates.
Parataxis to Launch $640M Bitcoin Treasury Firm via SilverBox SPAC Merger, Eyes NYSE Listing as PRTX
Parataxis Holdings is merging with SilverBox Corp IV SPAC to create a publicly traded Bitcoin treasury company on the NYSE under the ticker PRTX. The deal could raise up to $640 million, with $240 million from the SPAC and $400 million via a new share purchase agreement. An initial $31 million will be used immediately to acquire Bitcoin. The firm aims to follow the Michael Saylor playbook, targeting both U.S. and South Korean markets. Bitcoin treasury companies now collectively hold nearly $90 billion in BTC, signaling strong institutional momentum behind the model.
Crypto Salaries Paid in Stablecoins Triple to 9.6% as USDC Dominates Blockchain Payrolls
The share of crypto professionals receiving salaries in digital assets has tripled over the past year, with 9.6% now paid in stablecoins, according to Pantera Capital. USDC leads crypto payrolls at 63%, far ahead of USDT, despite Tether’s higher trading volume globally. The shift reflects growing institutional trust in dollar-backed assets and a move toward blockchain-native payroll systems. Nearly 88% of token-based compensation now uses four-year vesting schedules, signaling long-term alignment. Circle, USDC’s issuer, is aggressively expanding into institutional finance, pursuing a federal trust charter and pushing for regulated infrastructure across payroll and payments.