Ethereum News Today: SharpLink Whale Invests $3M in SBET Shares But Avoids Direct Ethereum Holdings

A pseudonymous trader known as “SharpLink Whale” has amassed a $3 million stake in SharpLink Gaming (trading as SBET), an Ethereum treasury company, yet owns no actual Ethereum [1]. The trader, a former traditional finance professional who transition into crypto trading around four years ago, began buying SBET at around $14 when the excitement surrounding its Ethereum treasury plans waned [1]. He initially invested nearly $1 million and now holds 160,000 shares at an average price of $20.02 per share, with the position verified through a call with Decrypt [1]. Despite his bullish stance on Ethereum, he remains focused on SharpLink’s ability to generate yield through its Ethereum holdings rather than owning the cryptocurrency directly [1].

The trader explained that he prefers not to manage the security risks associated with holding large amounts of Ethereum, joking about potential hardware failures from excessive data downloads [1]. He also emphasized the value of professional custodianship and yield generation strategies, which he is willing to pay a premium for [1]. SharpLink Gaming, which rebranded from an online gambling marketer in May 2025, has become a major player in the Ethereum treasury space. The firm raised $425 million to purchase ETH and now holds 438,190 ETH, worth $1.647 billion [1]. The company’s board includes Joseph Lubin, co-founder of Ethereum and CEO of Consensys, whose expertise is central to the trader’s confidence in the firm’s long-term strategy [1].

The trader expressed skepticism toward other Ethereum treasury copycats, warning that many lack the infrastructure and credibility to manage large-scale Ethereum holdings and yield strategies effectively [1]. He cited the broader crypto trend where early success often attracts imitators, many of which fail to deliver similar results [1]. While he praised Michael Saylor’s Bitcoin-focused strategy and acknowledged potential in BitMine Immersion Technologies due to Tom Lee’s Wall Street connections, he stressed that most emerging treasury firms are unlikely to outperform established ones like SharpLink [1].

His investment strategy is also shaped by personal experience. The trader’s initial $1 million SBET purchase came from profits on bets on Coinbase and Nvidia stocks that multiplied his net worth by nine times [1]. He has since realized more than $2.5 million in gains from SBET, despite a $126,000 dip from his last buy-in [1]. The trader has also been transparent about his position changes, including selling out at $40 and re-entering at $20 [1]. He emphasized the importance of independent decision-making in crypto, noting that holding an asset based on external influence carries a different emotional weight [1].

Recently, the trader expressed a desire to diversify into more stable assets, citing the volatile swings in SBET’s value as a source of stress [1]. However, his definition of stability includes Bitcoin, which remains one of the most volatile assets in the crypto space [1]. The trader’s approach reflects a blend of long-term confidence in Ethereum and a pragmatic approach to risk management [1].

Source: [1] [Why This SharpLink Whale Holds Millions in SBET—But Not Ethereum](https://decrypt.co/332381/why-sharplink-whale-holds-millions-sbet-ethereum)