SharpLink Gaming Buys $49 Million in Ether, Becomes World's Top Corporate Holder

SharpLink Gaming, a NASDAQ-listed sportsbook marketing firm, has made a substantial investment in Ether (ETH), purchasing nearly $49 million worth of the cryptocurrency on Sunday. This acquisition comes as the price of ETH surged past the $3,000 mark, highlighting the company's bullish stance on the digital asset. Since late May, SharpLink Gaming has been aggressively accumulating ETH, and this latest transaction brings its total treasury value to 198,300 ETH, worth nearly $608 million at the time of writing.

Onchain analytics service and blockchain explorer confirmed the transaction, revealing that a wallet belonging to SharpLink Gaming received 16,370 ETH worth $48.7 million. The transfer originated from a wallet likely controlled by an Ethereum development organization. This purchase follows another significant acquisition by SharpLink Gaming, where they bought 10,000 ETH from the Ethereum Foundation on Friday.

SharpLink Gaming's strategic move to accumulate ETH has positioned it as the world’s top corporate Ether treasury. The company currently holds 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, making SharpLink Gaming a leader in corporate Ether reserves.

The rise of ETH as a reserve asset is evident as corporate Ether reserves have now reached nearly 1.34 million ETH, valued at almost $4.1 billion. This trend is part of a broader strategy where 50 participants have accumulated strategic ETH reserves exceeding $4 billion in value.

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

The recent price rebound of ETH, which regained the $3,000 mark last week, has further solidified the company’s decision to invest heavily in the cryptocurrency. At the time of writing, ETH is trading at $3,050, reflecting a 3.5% increase over the last 24 hours. This price movement underscores the growing confidence in ETH as a valuable reserve asset, aligning with SharpLink Gaming’s strategic vision.