SharpLink Gaming Boosts Ethereum Holdings by 16,374 ETH for $48.85 Million

SharpLink Gaming has significantly increased its Ethereum holdings, acquiring 16,374 ETH worth approximately $48.85 million on Sunday. This purchase was made through Galaxy Digital’s over-the-counter trading desk, as confirmed by blockchain data from Arkham Intelligence. This acquisition follows a substantial purchase on Friday, where the company bought 21,487 ETH for $63.7 million. Notably, 10,000 ETH of this purchase was directly acquired from the Ethereum Foundation for $25.7 million.

The company's aggressive buying spree continued throughout the weekend. On July 12, SharpLink secured an additional 14,693 ETH from Galaxy Digital for $43.89 million and 6,804 ETH from Coinbase Prime for $20.37 million. These transactions have brought SharpLink’s total Ethereum holdings to over 270,000 ETH, valued at approximately $648 million. This makes SharpLink the second-largest corporate holder of Ethereum, trailing only the Ethereum Foundation.

SharpLink Gaming’s strategic shift towards an Ethereum treasury strategy began in late May, following a $425 million private placement led by Consensys. This pivot was accompanied by the appointment of Ethereum co-founder and Consensys CEO Joseph Lubin as the chairman of SharpLink. Under Lubin’s leadership, the company has repositioned itself as both a treasury investor and an ecosystem steward, committing to acquiring, staking, and restaking Ethereum as responsible industry stewards.

All of SharpLink’s ETH holdings have been staked through the Hoppers DApp, allowing the company to earn staking rewards while contributing to Ethereum’s security through Proof-of-Stake participation. The company is also preparing to adopt restaking strategies, which will enable staked ETH to secure additional protocols and earn layered rewards. According to Arkham Intelligence, SharpLink has already gained $45 million in unrealized profits from its ETH holdings.

The Ethereum Foundation’s decision to sell ETH to SharpLink has drawn some criticism from the crypto community, with critics interpreting the move as a potential signal of declining confidence in Ethereum’s value. However, Foundation contributor Binji Pande responded by calling SharpLink “the MicroStrategy of Ethereum” and emphasizing that the sale was a strategic decision aimed at supporting protocol research and development, ecosystem maintenance, and community grants. These activities are critical to Ethereum’s ongoing development.

Lubin has emphasized that SharpLink’s purchases reflect long-term views rather than market timing. The company sees its strategy as a model for how mission-driven organizations can contribute to decentralization and protocol-driven finance. This approach aligns with the broader trend of institutional interest in Ethereum, as evidenced by the recent record inflows into U.S. Ethereum exchange-traded funds.