SharpLink Gaming Buys 14,682 ETH for $43.78 Million in July

SharpLink Gaming has made a significant move in the cryptocurrency market by doubling down on Ethereum. The company recently purchased 14,682 ETH worth $43.78 million, just days after acquiring 10,000 ETH from the Ethereum Foundation. This latest buy brings SharpLink’s total ETH accumulation in July to over 32,000 coins, with the two purchases valued at over $88 million. The Ethereum Foundation confirmed the earlier sale, which was conducted through an over-the-counter (OTC) deal at an average price of $2,572.37 per ETH. SharpLink acted as the counterparty in this transaction.

The Ethereum Foundation disclosed the sale in a post, stating that the proceeds would be used to fund protocol development, community grants, and ecosystem growth. This transaction is part of the Foundation's ongoing treasury management strategy, which allows it to sell ETH as needed for operational stability. The Foundation's June 4 blog outlined this ETH reserve strategy, emphasizing the importance of managing its reserves to ensure the sustainability of the Ethereum ecosystem.

SharpLink's involvement in this OTC deal highlights the growing interest of institutional buyers in acquiring large volumes of ETH without impacting the open market. With over 215,000 ETH held, SharpLink is emerging as one of the largest corporate holders of Ethereum globally. This position has drawn comparisons to MicroStrategy, a firm known for amassing over 200,000 Bitcoin since 2020. While MicroStrategy focused exclusively on Bitcoin, SharpLink is positioning itself as a major corporate bull for Ethereum.

The market impact of SharpLink's move is significant. Ethereum has traded steadily above $2,600 this week, with strong volume and sentiment despite recent volatility in the broader market. SharpLink's acquisition adds bullish momentum, signaling growing institutional confidence in Ethereum, especially following its Dencun upgrade and broader push into rollups and scalability. Institutional demand for ETH has risen in 2025, with the approval of spot Ethereum ETFs in the U.S. earlier this year opening the door for more treasuries to allocate to Ethereum.

SharpLink's long-term ETH strategy remains undisclosed, but its investor site now highlights its Ethereum holdings and mentions further acquisitions. If the company continues at its current pace, it could surpass 50,000 ETH by August. This strategy appears to follow a long-term conviction model rather than short-term trading. As one of the most active buyers of ETH this month, SharpLink's treasury positioning could influence other tech firms exploring crypto diversification. The company seems set on building the Ethereum equivalent of a Bitcoin-style treasury, complete with smart contracts and staking. Whether this marks the start of a broader corporate ETH wave remains to be seen, but the signal is clear: big players are now betting big on Ethereum.