SharpLink Gaming, Inc. (Nasdaq: SBET), a sports-tech firm, has significantly expanded its Ethereum ($ETH) holdings with another multimillion-dollar acquisition this week, solidifying its position as one of the largest corporate holders of ETH. This ongoing buying spree highlights a strategic pivot that has seen the company adopt Ethereum as its primary treasury reserve asset.
On Wednesday, SharpLink purchased an additional 6,377 ETH, valued at approximately $19.56 million at current prices ($3,122.98 per coin). This latest acquisition brings SharpLink’s total Ethereum holdings to nearly 312,000 ETH, with an approximate value of $974 million.
This week's buy follows substantial previous purchases, including 24,371 ETH on July 15 for an outlay of $73 million, and an additional 74,656 ETH between July 7 and July 13 for $213 million, at an average price of $2,852 per coin.
In a particularly noteworthy transaction, SharpLink directly acquired 10,000 ETH from the Ethereum Foundation. This direct engagement underscores the company's deep commitment to the Ethereum ecosystem.
Since late May, SharpLink has been systematically accumulating Ethereum, often executing large-batch transactions through major centralized exchanges and over-the-counter (OTC) desks. This deliberate and consistent accumulation strategy suggests a long-term bullish outlook, potentially anticipating major price movements or significant advancements in the Ethereum protocol.
SharpLink's pivot into Ethereum marks a significant strategic redirection. While maintaining its focus on core sports betting and iGaming operations, the company is now utilizing ETH as its main treasury reserve asset. This decision came on the heels of a $425 million private placement, led by Consensys with participation from Pantera Capital, Electric Capital, and ParaFi Capital, initially announced on May 27, 2025.
SharpLink CEO Rob Phythian views these acquisitions as a landmark moment for public company involvement in the crypto space. He emphasized that over 99% of SharpLink’s Ethereum holdings are actively staked or restaked in various protocols, generating yield while simultaneously contributing to the security and decentralization of the Ethereum network.
Joseph Lubin, Ethereum co-founder and ConsenSys CEO, now serving as SharpLink's board chairman, has characterized the firm’s strategy as providing a public-market proxy for Ethereum exposure, drawing parallels to MicroStrategy's Bitcoin strategy. Lubin highlighted Ethereum's foundational role in decentralized applications and digital commerce, noting favorable U.S. legislation as a significant tailwind.
With its aggressive daily buying strategy, SharpLink is rapidly approaching the size of the Ethereum Foundation's own ETH reserves, which are currently valued at around $725 million. This positioning reflects a broader market trend where corporations are increasingly recognizing Ethereum's potential beyond just Bitcoin, viewing it as a programmable, yield-bearing, and strategically valuable asset.
Investors have taken notice of SharpLink's bold move, with the company's stock seeing a significant boost. SharpLink’s stock was up more than 14% in pre-market trading on Wednesday, demonstrating strong market confidence in this new direction.
July 2025, Cryptoniteuae