Tom Lee of Fundstrat and Joe Lubin, co-founder of Ethereum, have successfully raised $675 million to implement a significant Ethereum treasury strategy, similar to MicroStrategy's approach with Bitcoin.

This strategy aims to generate yield through staking and decentralized finance (DeFi) mechanisms, thereby enhancing cash flow from Ethereum.

Under Lubin's leadership, SharpLink Gaming has emerged as the largest publicly traded holder of Ethereum, boasting a total of 198,167 ETH, which is valued at approximately $475 million as of the end of June 2025.

SharpLink Gaming has staked all its ETH holdings, earning 222 ETH in rewards since the inception of its treasury strategy.

In a recent move, SharpLink Gaming acquired 9,468 ETH for $22.8 million between June 23 and 30, averaging $2,411 per ETH, while also raising an additional $24.4 million through its At-The-Market facility to bolster its ETH holdings.

Lubin has expressed intentions to leverage SharpLink Gaming's Ethereum treasury strategy, potentially through issuing convertible equity and bonds at low rates, all while safeguarding the core strategy.

Additionally, Tom Lee's BitMine is planning to raise $250 million in a private placement to acquire Ethereum, positioning itself to become one of the largest publicly traded holders of ETH.