SharpLink Acquires 176,271 ETH Worth $463 Million

Sports betting platform SharpLink Gaming has announced the acquisition of 176,271 Ether (ETH) for approximately $463 million, making it the largest publicly traded holder of Ethereum globally. The move signals a major step in corporate crypto treasury adoption, with the Nasdaq-listed company now treating ETH as its primary treasury reserve asset.

In its Friday announcement, SharpLink revealed that the ETH purchase was funded through a mix of private placement and at-the-market equity sales. The company raised around $79 million since May 30 alone. The average acquisition price stood at $2,626 per ETH.

According to CEO Rob Phythian, the move marks a “landmark moment for SharpLink and for public company adoption of digital assets.” Over 95% of the purchased ETH is now deployed in staking and liquid staking platforms, helping secure the Ethereum network while earning yield.

Crypto holdings by the Ethereum Foundation as of June 13, 2025. Source: Arkham

“MicroStrategy of Ethereum”
SharpLink’s Ethereum-centric strategy mirrors MicroStrategy’s high-profile Bitcoin buying campaign. While MicroStrategy has positioned itself as a corporate champion of Bitcoin, SharpLink is now taking a similar path with Ethereum.

This makes SharpLink the first Nasdaq-listed company to build an ETH-based treasury model, offering its shareholders direct exposure to Ethereum. The move has been described by Joseph Lubin, SharpLink chairman and Ethereum co-founder, as “a pivotal milestone and innovative approach to institutional adoption of Ethereum.”

“By allocating significant capital to ETH and deploying it in network activities such as staking,” Lubin added, “SharpLink is both contributing to Ethereum’s long-term security and trust properties while earning additional ETH.”

Entities Holding More ETH Than SharpLink
Despite being the largest public holder of Ether, SharpLink is not the largest overall holder. According to Arkham data, the Ethereum Foundation holds 214,129 ETH—worth approximately $594 million.

Other major holders include ETF providers like BlackRock, which holds Ether on behalf of clients. As per recent data, BlackRock’s iShares Ethereum Trust ETF controls roughly 1.7 million ETH, valued at over $4.5 billion.

SharpLink Faces Market Volatility and Misunderstanding
SharpLink’s ETH strategy has not been without controversy. After the initial announcement on May 27, the company’s share price surged over 400%, reflecting investor enthusiasm. However, a recent SEC Form S‑3 filing caused confusion in the market, leading to a sharp 73% decline in after-hours trading.

Shares dropped from $32.53 to under $8 before partially recovering. The dip was triggered by a misunderstanding around the filing, which merely allowed for the potential resale of nearly 58.7 million shares from PIPE participants—it was not an actual share sale.

Source: Joseph Lubin

Chairman Joseph Lubin quickly clarified that the filing was a routine regulatory process and not indicative of insider activity or unloading of shares.

Ethereum Takes Centre Stage in Corporate Reserves
SharpLink’s bold move underscores a growing shift among corporations towards crypto adoption—not just as an investment, but as a strategic treasury reserve. By choosing Ethereum, SharpLink is helping to legitimise ETH’s role in institutional finance, while also benefiting from the network’s staking-based yield mechanisms.

As traditional companies increasingly explore blockchain assets, SharpLink’s model could become a blueprint for others considering Ethereum as more than just a speculative investment.