Nasdaq-listed SharpLink Gaming (SBET) continues its aggressive Ethereum (ETH) accumulation strategy, acquiring an additional 20,279 ETH valued at approximately $68 million on Wednesday. This latest purchase solidifies its position as the largest corporate holder of the cryptocurrency, a title it recently claimed.
According to data from Arkham Intelligence, SharpLink executed these significant buys by obtaining 9,425 ETH from Galaxy Digital and another 10,854 ETH from Coinbase Prime within hours. Demonstrating its commitment to maximizing returns, SharpLink promptly moved 3,200 ETH to Figment's non-custodial staking service and 10,854 ETH to Liquid Collective's staking network for yield generation.
SharpLink Gaming, originally an affiliate marketing and iGaming software firm based in Minneapolis, commenced its ambitious Ethereum treasury strategy in late May. This pivot was significantly bolstered by a $425 million private placement led by Consensys, the blockchain infrastructure developer. A pivotal figure in this strategic shift is Joseph Lubin, co-founder of Ethereum and CEO of Consensys, who assumed the role of Chairman of Sharplink.
In recent weeks, SharpLink has consistently demonstrated its conviction in Ethereum, executing large-scale purchases, often in batches ranging from 10,000 ETH to 25,000 ETH. Earlier this week, the company officially announced that it had surpassed the Ethereum Foundation in its ETH holdings, becoming the world's largest corporate holder. As of July 15, SharpLink reported holding 280,706 ETH in its treasury, with more recent reports from EmberCN indicating its holdings have now reached 321,000 ETH.
The market has reacted enthusiastically to SharpLink's bold move. SharpLink Gaming's stock (SBET) saw a 29% surge on Wednesday, closing at $37.38. Over the past five days, SBET has experienced an astounding 113% increase, according to Google Finance data. Concurrently, Ethereum's price has also seen a boost, rising 7% in the past 24 hours to trade at $3,348, as reported by The Block. This strategic accumulation by a publicly traded company underscores a growing institutional confidence in Ethereum's long-term value and its role as a key digital asset.
July 2025, Cryptoniteuae