Ethereum News Today: SharpLink Gaming Boosts Ethereum Holdings by 32,892 ETH

SharpLink Gaming, a company backed by Ethereum co-founder Joseph Lubin, has significantly increased its Ethereum acquisition strategy by adding $515 million worth of ETH to its treasury over a span of nine days. This aggressive move was detailed in a recent filing with the US Securities and Exchange Commission (SEC), where the company announced an increase in its share offering to $6 billion, up from the previously stated $1 billion in a May 30 filing. The majority of the proceeds from this offering will be allocated towards purchasing ETH, as part of the company’s broader crypto treasury strategy. Additionally, the funds will be used for working capital, general corporate purposes, operating expenses, and affiliate marketing operations.

SharpLink’s ambitious strategy aims to potentially hold up to 1 million ETH. As of the latest update, the company has accumulated over 280,000 ETH, with 99.7% of it staked. This staking has generated 415 ETH in staking rewards, valued at approximately $1.49 million between June 2 and July 15. Following the new filing, SharpLink purchased an additional 32,892 ETH, valued at $115 million, bringing its total recent purchases to over half a billion dollars. This positions SharpLink as holding more ETH than the Ethereum Foundation itself, a development that Galaxy Research has called a positive catalyst for the Ethereum ecosystem.

Despite this bold accumulation strategy, SharpLink’s stock (SBET) experienced a decline of 2.62% on Thursday, closing at $36.40 and falling by about 4.95% to $34.60 in after-hours trading. The stock is still up 350% year-to-date. Financially, the company reported a 24% year-on-year revenue drop in the March quarter, alongside a 110% decline in its net profit margin. SharpLink is expected to release its next quarterly results on Aug. 13.

Ethereum’s growing appeal is also evident in the strategic shifts of other companies. BTC Digital, a blockchain technology and mining company, announced a complete pivot from Bitcoin to Ethereum as its core asset. This shift was accompanied by the closure of a $6 million financing round. As part of its new direction, BTC Digital disclosed a fresh $1 million Ethereum purchase and plans to convert all of its current and future Bitcoin holdings into ETH. The company aims to build a long-term, on-chain Ethereum-based asset pool to support mid- and long-term growth initiatives. CEO Siguang Peng described Ethereum as the leading platform for decentralized finance, real-world asset tokenization, and scalable smart contract innovation. BTC Digital now plans to grow its ETH reserves into the tens of millions of dollars by year-end and intends to generate returns through ETH staking, participation in DeFi protocols, stablecoins, and real-world asset projects.

Transitioning away from its previous mining-centered model, BTC Digital is now positioning itself as a digital asset operator focused on productive, yield-generating Ethereum-based strategies. This includes launching ETH-backed yield pools, building stablecoin infrastructure, and expanding into DeFi, NFTs, and Ethereum layer-2 ecosystems. The company’s stock saw little immediate reaction to the announcement, and dipped slightly to close at $3.44 on Thursday. BTC Digital now joins the list of companies building Ethereum treasuries, including SharpLink, BitMine, Bit Digital, and Blockchain Technology Consensus Solutions. Together, these firms now hold around 714,000 ETH, which is valued at approximately $2.4 billion.

Ethereum’s surge to $3,600 on Thursday seems well-supported by strong macro and market fundamentals. A key driver is the growing demand for US spot Ether ETFs, which saw a record-breaking $727 million in inflows on Wednesday alone. These coins are being moved into cold storage, making them unavailable for immediate resale and reducing the circulating supply. Additionally, the favorable macro backdrop, particularly the uncertainty surrounding the US Federal Reserve’s monetary policy, adds a dovish tilt, which is generally positive for risk assets like Ethereum. Despite a slight uptick in June’s CPI, continued pressure from President Donald Trump on Fed Chair Jerome Powell to cut interest rates up to three percentage points adds to this positive outlook.

While ETH has climbed 45% over the past 30 days, analysts believe a target of $10,000 by year-end is optimistic. Historically, ETH only achieved similar gains during exceptional bull runs, like the 2017 ICO boom and the 2020–21 DeFi explosion. However, analysts still acknowledge that a surprise sprint to five digits could happen if several bullish factors align: sustained ETF inflows, the addition of staking to ETFs, a risk-on market shift, and increased Ethereum adoption via restaking, layer-2s, and new applications that lock ETH out of circulation. Some analysts range between $7,000 and $10,000 based on technical indicators like RSI.