Crypto Daily | South Korea’s Crypto Traders Flock to BitMine, Pouring A Net $259M; SharpLink Expects ETH Holdings to Top $3B Following $400M Offering

Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

Crypto News

SharpLink Expects ETH Holdings to Top $3B Following $400M Offering

SharpLink Gaming has signed securities purchase agreements worth $400 million with five major global institutional investors.

Combined with its current 598,800 ETH holdings and $200 million in pending ATM proceeds, the company expects its Ethereum assets to exceed $3 billion in value.

The offering, priced at $21.76 per share, is set to close around August 12, 2025, pending customary conditions.

South Korea’s Crypto Traders Flock to $3.6 Billion Ether Hoarder

BitMine Immersion Technologies Inc. has become the top foreign equity pick among South Korean retail investors, who continue to be drawn to the kind of high-risk, high-reward opportunities on offer in crypto.

Backed by Peter Thiel’s Founders Fund, BitMine is a US-listed Bitcoin miner that recently transitioned from Bitcoin mining to operating as a digital-asset treasury — a listed entity designed primarily to accumulate and hold cryptocurrency. The company now boasts the largest Ether treasury with $3.6 billion worth of the token, according to data compiled by strategicethreserve.xyz.

Retail investors in Korea have poured a net $259 million into BitMine shares since the start of July, making it the most purchased foreign security during that period, according to the Korea Securities Depository.

BitMine Immersion ETH Holdings Exceed 1.15 Million Tokens, Shares Rise

BitMine Immersion Technologies Inc. Monday announced holdings of ETH exceeding $4.96 billion, sending shares up 15% on Monday.

BitMine ETH holdings of $4.96 billion ETH are a $2.0 billion increase from $2.9 billion reported last week.

BitMine is the largest ETH treasury in the world and the 3rd largest cryptotreasury globally.

Peter Thiel-Backed Bullish Upsizes IPO, Seeking up to $990M Proceeds

Bullish, the crypto exchange backed by venture capitalist Peter Thiel, increased the size of its initial public offering, by adding more shares and upping its expected price range, potentially giving it a market value of $4.82B, according to a filing made Monday morning.

In a revised filing, the company said it will sell 30M shares, up from the 20.3M shares it originally planned. Bullish now expects the new shares will price at $32-$33 per share, up from its previous expected range of $28-$31 per share.

If the shares price at the top of the range, Bullish will be valued at ~$4.82B, compared with $4.2B according to its previous expectation, as the company said it will have 146.2M of shares outstanding after the offering.

Bitcoin-Miner MARA Strikes $168 Million Deal for EDF Unit

MARA Holdings has agreed to acquire a majority stake in Exaion from Electricite de France SA as the largest Bitcoin miner looks to extend its reach into artificial intelligence as an infrastructure provider.

Hallandale Beach, Florida-based MARA will pay about $168 million in cash to acquire a 64% stake in Exaion from EDF Pulse Ventures, the venture arm of the French utility group, according to a statement Monday that confirmed a Bloomberg News report. MARA will also have the option to increase its Exaion stake to 75% for another $127 million, contingent on certain conditions. EDF will remain a minority shareholder.

Rumble, Northern Data Weigh $4.5 Billion AI Cloud Merger

Rumble Inc. is weighing an offer to buy German data center company Northern Data AG in an all-stock deal valuing the target at about $1.17 billion that would boost the conservative video service’s bid to become a cloud-computing provider.

Rumble has proposed paying 2.319 new shares for each Northern Data share, the companies said in separate statements on Sunday and Monday. That would value Northern Data’s stock at about $18.27 apiece, a steep discount to the company’s share price of €23.02 ($26.81) as of Friday’s closing price. Northern Data shareholders would end up owning about a third of Rumble.

Firm Tied to Trump Jr. Debuts Direct Sales Product for Pharma

A company that has Donald Trump Jr. on its board debuted a new service to help pharmaceutical companies launch direct sales platforms, one week after President Donald Trump demanded that drugmakers create similar systems.

The company, BlinkRx, is pitching the offering as a way to set up a system for drugmakers to sell products directly to patients in “as little as 21 days.”

The president said in letters to pharma firms on July 31 that they had 60 days to comply with his demand to create direct sales platforms and make other policy changes to lower drug prices. Several large drugmakers, including Roche Holding AG, have publicly signaled that they are considering creating direct-to-consumer sales portals in recent weeks.

Bitcoin Spot ETF Flow

The overall net inflow of the US ETH spot ETF on Monday was $1.02 billion. The total net asset value of ETH spot ETFs is $25.71 billion, and the ETF net asset ratio (market value compared to total ETH market value) is 4.77%.

The ETH spot ETF with the highest net inflow on Aug 11 was iShares Ethereum Trust ETF, with a net inflow of $639.79 million. Followed by Fidelity Ethereum Fund, with a net inflow of 276.90 million, according to SoSoValue.