Ethereum News Today: SharpLink jumps to second-largest ETH holder with $1.8B portfolio surge

SharpLink Gaming has added $66.63 million worth of Ethereum (ETH), acquiring 18,680 ETH, which has brought its total holdings to 498,884 ETH, valued at approximately $1.8 billion based on current market prices. This move has positioned the firm as the second-largest corporate holder of ETH, trailing only BitMine with 625,000 ETH. The purchase was confirmed by blockchain analytics firm Arkham Intelligence and linked to the wallet address 0xCd9…F5F75 [1].

Originally a Nasdaq-listed iGaming technology company, SharpLink has undergone a strategic shift, pivoting from its traditional business model to an Ethereum-focused treasury strategy. Over the past year, the firm has made multiple large-scale ETH transfers, signaling a structured and ongoing accumulation plan. The company now describes itself as a “treasury-first enterprise,” with Ethereum serving as its primary reserve asset. While no clear operating income from its ETH holdings has been disclosed, the company appears to be leveraging the asset both as a balance sheet item and potentially as a foundational layer for future blockchain-based developments [1].

The recent ETH purchase was accompanied by a notable 12.66% surge in SharpLink’s stock price, which rose from $17.14 to $19.31 on the day of the transaction. Over the last six months, the stock has surged by 281.55%, driven largely by its aggressive Ethereum accumulation. However, the stock has exhibited significant volatility, with shares trading between $2.26 and $124.12 in 2025 alone. This reflects the high investor interest in the firm’s digital asset strategy but also underscores the inherent risks associated with such a concentrated balance sheet [1].

The Ether Machine, another major Ethereum holder, also made a $56.9 million investment in ETH, acquiring 15,000 tokens. The entity has announced additional plans to purchase $407 million worth of ETH, further reinforcing the trend of institutional accumulation. Corporate Ethereum holdings now exceed $10 billion, with BitMine, The Ether Machine, the Ethereum Foundation, and PulseChain among the leading entities. This growing institutional interest in ETH reflects a broader market shift, where large investors are treating digital assets as long-term strategic reserves rather than speculative plays [1].

SharpLink’s actions align with broader market dynamics where Ethereum is increasingly seen as a key institutional asset. The transition to a proof-of-stake model has enhanced the network’s efficiency, while its dominant position in DeFi, NFTs, and smart contract innovation continues to attract capital. However, the concentration of large ETH positions among a small number of entities raises questions about market liquidity and price stability. Unlike traditional asset classes, where diversification is the norm, the crypto space has seen a pronounced shift toward holding a few key assets, particularly ETH and Bitcoin [1].

While some analysts forecast continued growth in Ethereum’s adoption and value, these predictions are speculative and not supported by immediate market developments. SharpLink’s accumulation remains a factual indicator of institutional confidence in ETH, but any future price movements should be interpreted within the context of a highly volatile and unpredictable market [1].

Source:

[1] title: Sharplink and The Ether Machine lead as whales continue ...

url: https://www.cryptopolitan.com/ether-machine-lead-as-whales-stack-eth/