SharpLink Gaming has made headlines again by snapping up 79,949 ETH worth nearly $259 million, reclaiming its title as the world’s largest publicly traded Ether holder. The move comes just days after BitMine Immersion Technologies briefly overtook SharpLink with its own massive Ethereum accumulation. SharpLink’s latest purchase, made at an average price of $3,238 per ETH, boosts its total holdings to 360,807 ETH—valued at around $1.3 billion.

The Ethereum arms race between SharpLink and BitMine has intensified following a series of rapid-fire acquisitions and strategic board moves. BitMine had recently reported holding 300,657 ETH, worth over $1 billion, following a $250 million private raise announced on June 30. That briefly pushed it ahead of SharpLink, which reported 280,706 ETH at the time.

Adding to the competition, high-profile investors are jumping in. Cathie Wood’s ARK Invest grabbed $175 million in BitMine shares on Monday, just after Peter Thiel acquired a 9% stake in the company earlier this month. BitMine shares soared over 700% in July, peaking at $140 before settling at $39.60. In contrast, SharpLink’s stock climbed 130% over the same period, closing around $26.

SharpLink, backed by Ethereum co-founder Joseph Lubin and fresh off a $425 million raise in May, is pivoting hard into crypto treasury strategy. Meanwhile, BitMine has brought on crypto bull Tom Lee to lead its ETH treasury plans. As both firms battle for Ethereum supremacy, the market watches closely to see who will become the true “MicroStrategy of Ether.”