Ethereum News Today: A Bitcoin Whale Overtakes SharpLink in Ethereum Wealth

SharpLink Gaming, Inc. (SBET) has increased its total Ethereum (ETH) holdings to 837,230 tokens as of August 31, 2025, a week in which the company purchased an additional 39,008 ETH at an average price of $4,531 per token. The recent acquisition added $46.6 million in net proceeds from the company's at-the-market (ATM) facility, bringing its total cash and equivalents on hand to approximately $71.6 million. The updated figures reflect a continued strategy of building ETH reserves as a primary treasury asset, a move that aligns the company with the broader adoption of digital capital and Ethereum’s prominence as the second-largest digital asset by market capitalization [2].

The company’s total ETH holdings, now valued at over $3.6 billion, mark a significant milestone in its treasury strategy, initiated in June 2025. During the reporting period, the firm’s ETH concentration metric, a newly introduced metric to gauge yield performance, rose to 3.94 from 3.80 the previous week. This figure is calculated by dividing the number of ETH held by 1,000 assumed diluted shares outstanding and indicates the growing influence of Ethereum within the company's capital structure. Additionally, staking rewards have increased to 2,318 ETH since the launch of the treasury strategy, further contributing to the company’s exposure to Ethereum’s ecosystem [2].

However, SharpLink’s position as the second-largest corporate ETH holder has come under pressure from a private Bitcoin whale who recently surpassed its holdings. According to blockchain data from Lookonchain, this whale now holds over 886,371 ETH, valued at more than $4 billion, eclipsing SharpLink’s current holdings of 837,230 ETH, which are valued at $3.5 billion [1]. The whale reportedly executed a large-scale rotation from Bitcoin into ETH over the past several weeks, with the most recent transaction involving $216 million in spot Ether purchases via the decentralized exchange Hyperliquid [1].

The whale’s actions are seen as part of a broader trend of institutional and large-scale investors reallocating capital toward altcoins, particularly Ethereum, which is perceived to have more upside potential. According to Nicolai Sondergaard, research analyst at Nansen, this shift reflects a "natural rotation" into assets that offer both utility and growth potential [1]. Iliya Kalchev, dispatch analyst at Nexo, added that the pattern of diversification beyond Bitcoin is becoming increasingly evident, with Ethereum gaining traction among institutional investors and spot ETFs [1].

Notably, the whale’s holdings are still less than half of the top corporate ETH holder, Bitmine Immersion, which possesses 1.8 million ETH, valued at over $8 billion. In addition to individual whale activity, spot ETH ETFs have also contributed to the growing demand, with over $1.8 billion in inflows recorded in the past five trading days [1]. These trends indicate that Ethereum is not only benefiting from corporate accumulation but is also becoming a more institutionalized asset class, a development that could have long-term implications for its price and adoption.

Source:

[1] $11B Bitcoin whale surpasses SharpLink with $4B ... (https://cointelegraph.com/news/bitcoin-whale-rotates-into-ether-surpasses-sharplink-corporate-holdings)

[2] SharpLink Announces Total ETH Holdings Rise to ... (https://www.gurufocus.com/news/3089528/sharplink-announces-total-eth-holdings-rise-to-837230-as-of-august-31-2025)