Ethereum News Today: SharpLink Boosts Ethereum Holdings by 31% to 312,000 ETH

SharpLink, a prominent sports-tech firm, has significantly expanded its Ethereum holdings, pushing its total ETH close to 312,000. The company made two substantial purchases recently, acquiring 6,377 ETH worth approximately $19.56 million and 24,371 ETH worth around $73 million. These acquisitions follow an earlier purchase of 74,656 ETH for $213 million between July 7 and July 13.

One of the most notable transactions involved SharpLink directly acquiring 10,000 ETH from the Ethereum Foundation. This strategic move underscores the company's long-term commitment to Ethereum, as it continues to accumulate the cryptocurrency in large batches. SharpLink's deliberate strategy of moving funds on-chain through major centralized exchanges and over-the-counter addresses suggests a long-term view, possibly tied to expectations of major price moves or upcoming upgrades to the Ethereum protocol.

The company's pivot into Ethereum marks a strategic shift. While remaining focused on its core business in sports betting and iGaming, SharpLink is now using ETH as its primary treasury reserve asset. This decision came after a $425 million private placement led by Consensys, with participation from Pantera Capital, Electric Capital, and ParaFi Capital. The move was first announced on May 27, 2025.

CEO Rob Phythian has framed the acquisitions as a defining moment for public company engagement with crypto. He noted that over 99% of SharpLink’s Ethereum holdings are staked or restaked in protocols to generate yield while supporting the security of the Ethereum network. Ethereum co-founder and Consensys CEO Joseph Lubin, who now chairs SharpLink’s board, has described the firm’s strategy as a public-market proxy for Ethereum exposure, similar to MicroStrategy’s approach with Bitcoin. Lubin emphasized Ethereum’s importance for decentralized applications and digital commerce, pointing to favorable U.S. legislation as a major tailwind.

With its daily buying spree showing no signs of slowing, SharpLink could soon overtake the Ethereum Foundation itself, which currently holds around $725 million worth of ETH. The company’s positioning reflects a broader trend, as corporations increasingly look beyond Bitcoin and toward Ethereum as a programmable, yield-bearing asset. Investors are taking notice, with SharpLink’s stock showing significant gains in pre-market trading on Wednesday.