TL;DR
- SharpLink Gaming added 16,374 ETH for $48.85 million, bringing its corporate holdings to an estimated 270,000 ETH, according to market data.
- The company launched its crypto treasury strategy in May after raising $425 million. Joseph Lubin took over as chairman, and Ethereum was chosen as its reserve asset.
- Ethereum is up 20% this month, trading near $3,000, driven by institutional purchases and growing crypto treasury activity among public companies.
SharpLink Gaming continues to expand its Ethereum exposure with a new $48.85 million acquisition.
The transaction was completed on Sunday, when the company added 16,374 ETH to its balance sheet. The batch came from a wallet that had previously acquired the tokens through over-the-counter deals with Galaxy Digital. Although SharpLink has not officially confirmed the purchase, market sources estimate its total position now stands around 270,000 ETH.
This acquisition follows another purchase just days ago of 21,487 ETH worth $63.7 million, reflecting an aggressive accumulation pace for a firm that, until May, focused solely on affiliate marketing and iGaming services. That month, SharpLink launched its crypto treasury strategy after raising $425 million in a private placement led by Consensys. The deal also marked the arrival of Ethereum co-founder Joseph Lubin as the company’s chairman.
SharpLink Becomes the Second-Largest Corporate Ethereum Holder
With these acquisitions, SharpLink has become the second-largest corporate holder of Ethereum worldwide, trailing only the Ethereum Foundation. It surpassed firms like Coinbase, establishing itself as a major institutional reference in ETH accumulation. The company’s stated goal is to position Ethereum as a long-term reserve asset, replicating models already adopted by corporations that integrated Bitcoin into their treasuries.
Ethereum is currently trading around $2,981, a level it hasn’t reached since early February. Over the past month, ETH has climbed 20%, fueled by steady institutional demand and growing interest from public companies looking to diversify their reserves with crypto assets.
SharpLink’s strategy has already gained traction in the market. BIT Mining announced plans to raise between $200 million and $300 million to build a Solana-based treasury. DeFi Development Corp. added $2.7 million in SOL to its balance, and Canadian digital asset firm Sol Strategies now holds over 420,000 SOL tokens. The latter is also preparing to list its shares on Nasdaq as it expands into the U.S. market
