SharpLink Gaming has emerged as the largest known corporate holder of Ether (ETH), following its recent purchase of nearly $49 million worth of the cryptocurrency. The NASDAQ-listed sportsbook marketing company made the acquisition on Sunday as ETH surged past the $3,000 mark.
The move adds 16,370 ETH to SharpLink’s holdings, bringing its total Ether treasury to approximately 198,300 ETH, now valued at around $608 million. The transaction was traced via Arkham Intelligence and blockchain explorer Etherscan, which revealed that the funds were transferred from a wallet believed to be managed by Ethereum development firm Consensys.
Just two days earlier, SharpLink had acquired 10,000 ETH directly from the Ethereum Foundation, signalling a clear strategic commitment to ETH as a reserve asset.
Backing from Ethereum’s Co-Founder
The company’s aggressive ETH acquisition comes after its May announcement to pivot towards building a corporate Ether treasury. At the same time, Ethereum co-founder Joseph Lubin was appointed chairman of the board.
Lubin, who also leads Consensys, has been vocal about the importance of Ether treasuries in supporting the long-term health of the Ethereum ecosystem. He stated that a significant portion of ETH remains in circulation and needs to be strategically held to stabilise its supply-demand dynamics.
“It’s going to be critical to enable the supply-demand dynamics of Ether to right-size as we build more and more applications,” Lubin said. He cited this as the driving factor behind his involvement with SharpLink.
Details of the Treasury and Strategic Deals
SharpLink Gaming’s Ether holdings consist of 181,860 Liquid Staked ETH (LSETH) and 16,419 ETH, totalling close to 198,300 ETH. This surpasses even the Ethereum Foundation, which holds approximately 197,400 ETH.
The company’s transition to ETH as a reserve asset was backed by a securities purchase agreement for a private investment in public equity (PIPE) worth $425 million. The deal attracted participation from Consensys, further underlining the synergy between Ethereum infrastructure developers and SharpLink’s new financial strategy.
Corporate Ether Holdings Cross 1.3 Million
With SharpLink’s recent purchase, the total amount of ETH held by corporate treasuries has climbed to nearly 1.34 million ETH. At the time of writing, this figure represents a market value of almost $4.1 billion.
This growing interest in ETH among institutional players reflects a broader trend of digital assets being used as strategic treasury holdings. As companies increasingly view cryptocurrencies like Ether as long-term store-of-value assets, the movement mirrors an earlier shift seen with Bitcoin in corporate portfolios.
ETH Price Climbs as Interest Grows
The timing of SharpLink’s ETH acquisition is noteworthy, coinciding with a recent price recovery. According to Nansen data, ETH was trading at $3,050 on Sunday, marking a 3.5% increase over the previous 24 hours.
Ether’s recent rally appears to have reignited corporate interest, especially among firms with close ties to the Ethereum ecosystem. Market analysts suggest that these purchases may contribute to both price stability and long-term growth for the second-largest cryptocurrency.
As ETH continues to solidify its position as a viable treasury asset, SharpLink Gaming’s bold move could signal a new era of corporate crypto adoption, driven not just by financial speculation, but by strategic alignment with blockchain infrastructure and development.
