Ethereum News Today: SharpLink Gaming Buys $115 Million in Ethereum, Becomes World's Largest Corporate Holder

SharpLink Gaming, a prominent online performance marketing company based in Minneapolis, has made a significant move in the cryptocurrency market by purchasing an additional 32,892 Ethereum (ETH) worth $115 million. This acquisition brings the company's total Ethereum holdings to 353,000 ETH, valued at over $1.2 billion, making it the world's largest corporate holder of Ethereum.

The aggressive accumulation strategy by SharpLink began in late May following a $425 million private placement led by Consensys. Since then, the company has been actively acquiring Ethereum, with a total of 144,501 ETH purchased over the past nine days. This buying spree has coincided with a surge in Ethereum's price to six-month highs above $3,400.

SharpLink's approach to Ethereum accumulation is part of a broader strategy to convert traditional cash reserves into cryptocurrency holdings, similar to the model pioneered by MicroStrategy with Bitcoin. The company has allocated 99.7% of its ETH holdings to staking protocols, generating approximately 415 ETH in rewards since June. This dual-purpose strategy allows SharpLink to earn additional yield while supporting Ethereum network security.

Ethereum co-founder Joseph Lubin, who chairs SharpLink’s board and leads Consensys, described the firm’s approach as a public-market proxy for Ethereum exposure. The company’s positioning capitalizes on Ethereum’s programmable nature and yield-generating capabilities, which extend beyond simple price appreciation.

SharpLink's transformation began after raising approximately $425 million through private placement and at-the-market equity sales. Proceeds were earmarked explicitly for Ethereum purchases rather than traditional business expansion, establishing ETH as the company’s primary reserve asset. One notable transaction involved SharpLink purchasing 10,000 ETH directly from the Ethereum Foundation for $25.7 million, executed through the Foundation’s multisig wallet.

Between July 7 and July 18, SharpLink purchased 134,204 ETH at an average price of $2,970, totaling $398.66 million in investments. The company has consistently acquired tens of millions of dollars worth of ETH daily.

The corporate Ethereum adoption trend extends beyond SharpLink to multiple publicly traded companies seeking alternatives to traditional cash management. For instance, Bit Digital completed its transformation into an Ethereum treasury company by selling 280 BTC and deploying $172 million to accumulate over 100,000 ETH. Similarly, GameSquare Holdings announced a $100 million ETH treasury allocation through a phased investment strategy targeting yields of 8-14%.

Ethereum ETFs have crossed $5.5 billion in total inflows since debut, with BlackRock’s ETHA achieving record single-day inflows of $489 million on July 17. The institutional momentum has driven Ethereum to six-month highs above $3,400 as demand significantly exceeds available supply. ETFs currently manage 5 million ETH, representing 4.02% of Ethereum’s $413 billion market capitalization.

Ethereum-focused treasuries hold $5.3 billion worth of ETH and acquire tokens at rates 36 times the daily ETH production rate. Corporate adoption appears concentrated among companies seeking yield advantages over Bitcoin’s store-of-value proposition. Over 35 million ETH tokens are currently staked, representing more than 28% of the total supply locked in smart contracts, generating passive income.

The SEC’s relaxed stance on staking-as-a-service enforcement has encouraged institutional adoption without regulatory concerns. This trend is likely to continue as more companies explore Ethereum as a viable alternative to traditional treasury management strategies.