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

SharpLink Gaming, a Minneapolis-based affiliate marketing and iGaming software firm, has significantly bolstered its Ethereum holdings with a recent purchase valued at approximately $48.85 million. The company received 16,374 ETH on Sunday afternoon, with the tokens sourced from a wallet that had recently acquired them from Galaxy Digital’s over-the-counter market. This acquisition follows a previous purchase of 21,487 ETH worth $63.7 million, indicating a rapid accumulation of the world’s second-largest cryptocurrency within a short period.

SharpLink’s Ethereum treasury strategy began in late May, coinciding with a $425 million private placement led by Consensys, the crypto infrastructure firm founded by Ethereum co-founder Joseph Lubin. Lubin also took on the role of SharpLink’s chairman, underscoring the company’s commitment to supporting Ethereum’s long-term strength and decentralization. The proceeds from the private placement are earmarked for Ethereum purchases, establishing ETH as SharpLink’s primary treasury reserve asset.

Market observers estimate that SharpLink now holds around 270,000 ETH, ranking it as the second-largest corporate Ethereum holder, behind the Ethereum Foundation and ahead of other major players like Coinbase. This aggressive accumulation of Ethereum marks a new chapter for SharpLink, as the company expands beyond its traditional business. CEO Rob Phythian revealed in May that SharpLink would sell approximately $425 million in stock to investors, including Consensys, to fund its Ethereum purchases.

SharpLink’s stock performance has reflected its growing crypto exposure, closing up 17.15% at $21.65 last Friday. This increase is likely boosted by the announcement of a 10,000 ETH purchase. Ethereum co-founder Joe Lubin recently stated that the company has been purchasing tens of millions of dollars worth of ETH every day, highlighting the company’s consistent and substantial investment in the cryptocurrency.

SharpLink’s strategy aligns with a broader trend among public companies diversifying into crypto holdings, including BTC, ETH, SOL, and XRP. This trend was pioneered by Michael Saylor’s Strategy, where companies allocate a significant portion of their treasury reserves to cryptocurrencies. Other firms, such as BIT Mining and DeFi Development Corp., have also announced plans to build crypto treasuries, further underscoring the growing institutional interest in digital assets.