SharpLink Gaming Buys $463M in Ethereum, Becomes Largest Public Holder

SharpLink Gaming has made a significant move in the cryptocurrency market by purchasing 176,271 Ethereum (ETH), valued at approximately $463 million. This acquisition has positioned the company as the largest publicly traded holder of Ethereum, excluding the Ethereum Foundation. The purchase was funded through proceeds from equity sales and private placements, raising over $79 million since May 30. The company acquired the ETH at an average price of $2,626 per coin, including fees.

SharpLink Gaming has allocated over 95% of its ETH holdings to staking and liquid staking protocols. This strategic move supports the proof-of-stake network on Ethereum and allows the company to earn yield on the locked tokens. By staking such a large portion of its holdings, SharpLink Gaming is actively contributing to the network's stability and security. This decision underscores the company's long-term strategic planning and commitment to the Ethereum ecosystem.

Ethereum has seen a resurgence in price, with a 4.12% gain in the last 24 hours, trading at $2,643.30. The market capitalization now stands at $319.1 billion, up 3.64% in the same period. The circulating supply remains stable at 120.72 million ETH. The increase in price is driven by a 64.88% increase in 24-hour trading volume, which rose to $20.51 billion. This surge in spot buying indicates growing buy-side pressure and institutional interest in Ethereum.

Analysts observe that the recent pattern of buy-side activity suggests that demand may continue to build, especially as institutional participants like SharpLink increase their holdings. Chart analyst @LLuciano_BTC stated that Ethereum has broken out of a falling wedge pattern with support around $1,800 and resistance near $2,850. Based on the structure, price targets between $3,200 and $4,100 remain possible in the coming quarters. Ethereum’s long-term weekly chart shows a repeating cycle of consolidation, accumulation, and expansion. If the current accumulation phase plays out as previous ones did, price projections for 2026 range between $4,800 and $5,200. SharpLink’s purchase and staking activity are viewed by market watchers as support for these projections.