The corporate-crypto treasury craze has entered a new phase. Where listed companies once stuck to blue chips such as bitcoin and Ethereum, they are now stocking up on exotica—AI tokens and even memecoins.
Who opted for ether?
Nasdaq-listed SharpLink Gaming bought 18,712 ETH via Galaxy Digital and 14,180 ETH through Coinbase Prime, according to Arkham Intelligence.
SHARPLINK GAMING BOUGHT ANOTHER $100M ETH
SharpLink Gaming wallets saw inflows of $115M ETH in the past 12 hours. They now hold $1.3 BILLION.
Will they ever stop buying? pic.twitter.com/aTnnzBcxmx
— Arkham (@arkham) July 18, 2025
According to Strategic ETH Reserve, SharpLink manages more than 280,000 ETH worth $1bn.
Lookonchain says the company bought 144,501 ETH worth $515m over the past nine days.
SharpLink(@SharpLinkGaming) bought another 32,892 $ETH($115M) in the past 3 hours.
In the past 9 days, they’ve accumulated 144,501 $ETH($515M).https://t.co/LGh4xzpCWk pic.twitter.com/q29czF8qKz
— Lookonchain (@lookonchain) July 18, 2025
On July 16, publicly listed SharpLink overtook the non-profit Ethereum Foundation by the size of its ether reserves.
Another $5bn for Ethereum purchases?
On July 17, SharpLink updated its prospectus concerning the total amount of stock available for sale. The figure rose from $1bn to $6bn.
SharpLink has already sold $721m of securities. The company can raise another $279m under the old prospectus and $5bn under the new one. That would fund further Ethereum purchases.
Originally, the company—now among the largest holders of the second-biggest cryptocurrency—focused on marketing and gambling software. In June, SharpLink received $425m from ConsenSys, backed by Ethereum co-founder Joseph Lubin. He became the company’s chairman.
SharpLink then decided to adopt the Strategy playbook, but bet on ether. Other public firms followed. Earlier, Nasdaq-listed miner Bit Digital announced it had raised $67.3m to buy Ethereum.
On July 18 it became known that the miner purchased 19,683 ETH with the funds raised.
Illiquid treasuries
Meanwhile, another Nasdaq-traded company—TAO Synergies Inc.—has bet on Bittensor. On July 18 the firm bought 29,899 TAO for $10m to form a crypto treasury. The average purchase price was $415, the press release said.
TAO Synergies will stake all acquired assets to earn network rewards on the Bittensor platform, which rewards users for training artificial intelligence. Executive chairman Joshua Silverman said the company would continue buying TAO tokens.
“We are confident that TAO will continue to grow as decentralized AI develops, which is taking an increasing share of overall spending on artificial intelligence technologies,” he added.
Bittensor’s native token did not react to the news. According to TradingView, at the time of writing TAO was trading at $417.
Over the past 24 hours the coin fell 2.7%, according to CoinGecko.
Even memecoins are in play
Mining-infrastructure company Bit Origin announced $500m of financing for Dogecoin. The firm plans to create one of the first corporate treasuries based on the oldest memecoin.
According to the press release, Bit Origin entered into agreements with accredited investors to sell $400m of stock and issue $100m of convertible notes. The company has already closed a first $15m tranche.
“What started as a joke has become a globally liquid asset with a payments function. Few coins can match Dogecoin for settlement speed and the scale of its community, which continues to drive its use in P2P payments and online commerce,” said the firm’s CEO Jinghai Jiang.
Bit Origin will develop miner services, payment solutions and other projects in the Dogecoin ecosystem.
According to CoinGecko, over the past 24 hours DOGE jumped by more than 16%. At the time of writing the memecoin was trading at $0.25.
Earlier, Canada’s Neptune Digital Assets also made Dogecoin part of its investment strategy. Dogecoin Cash Inc., formerly operating in cannabis cultivation, took a similar step.
In early July, Bittensor’s developers halted the blockchain after detecting an attack on user wallets. One user lost $8m in TAO tokens.