SharpLink Gaming Boosts Ether Holdings by 16,370 ETH, Surpasses Ethereum Foundation

SharpLink Gaming, a NASDAQ-listed sportsbook marketing firm, made a significant investment in Ether (ETH) on Sunday, purchasing nearly $49 million worth of the cryptocurrency as its price surged past $3,000. This acquisition is part of the company's strategic shift towards holding ETH as a reserve asset, a move that began in late May. The latest transaction increased SharpLink Gaming’s total treasury value to 198,300 ETH, valued at nearly $608 million at the time of the purchase.

According to onchain analytics service Arkham Intelligence and blockchain explorer Etherscan, a wallet associated with SharpLink Gaming received 16,370 ETH worth $48.7 million on Sunday. This transaction was facilitated from a wallet likely controlled by Ethereum development organization Consensys. The purchase follows the company’s acquisition of 10,000 ETH from the Ethereum Foundation on Friday, further solidifying its position as a major holder of ETH.

SharpLink Gaming is now the world’s top corporate Ether treasury, holding 181,860 Liquid Staked ETH (LSETH) and 16,419 ETH, totaling nearly 198,300 Ether. This amount surpasses the 197,400 ETH held by the Ethereum Foundation, according to Arkham Intelligence data. The company's strategic move to accumulate ETH has contributed to the overall increase in corporate Ether reserves, which now stand at nearly 1.34 million ETH, valued at almost $4.1 billion.

The company's pivot to becoming an Ether corporate treasury was announced in late May, with the nomination of Ethereum co-founder Joseph Lubin as chairman of its board of directors. At that time, SharpLink Gaming entered into a securities purchase agreement for a private investment in public equity worth $425 million, with participation from Ethereum infrastructure firm Consensys. Lubin emphasized the importance of Ether treasuries for the development of the Ethereum ecosystem, stating that capturing a large amount of circulating ETH is crucial for enabling the supply-demand dynamics of Ether to right-size as more applications are built.

Lubin's involvement with SharpLink Gaming is driven by the belief that Ether treasuries are essential for the growth and stability of the Ethereum network. He highlighted that the strategic accumulation of ETH by corporations like SharpLink Gaming will play a critical role in the future development of the Ethereum ecosystem. This announcement comes as Ether regained the $3,000 mark last week, with the cryptocurrency trading at $3,050 at the time of the press, reflecting a 3.5% increase over the last 24 hours.