Recently, the price of Ethereum (ETH) has experienced a pullback, raising market attention towards major ETH holding institutions. This article will focus on two companies that have recently been actively accumulating ETH: BitMine (BMNR) and SharpLink (SBET), analyzing their ETH reserve strategies and cost structures.

According to publicly available data, BitMine started purchasing ETH on July 9. As of August 17, its ETH holdings reached 1,523,373 pieces, with an average purchase cost of approximately $3,730. This figure reflects BitMine's active positioning in the ETH market.

In contrast, SharpLink's ETH accumulation plan started earlier, on June 13. By August 17, SharpLink had accumulated 740,760 ETH, with an average purchase cost of $3,478. SharpLink's lower cost may stem from its strategy of entering the market earlier.

The ETH reserve strategies of these two companies have sparked widespread discussion in the market. Some investors believe that the average cost of these large institutional holders could potentially become a support level for the ETH price. However, it is important to note that institutional holdings do not necessarily directly determine market trends, and more factors need to be considered.

With the volatility of the cryptocurrency market, the strategies and performances of these ETH treasury companies will continue to be closely followed. Their holding costs not only reflect their respective investment insights but also provide valuable reference information for the market. In the future, the ETH management strategies of these companies may have a profound impact on the entire cryptocurrency ecosystem.