SharpLink Gaming Buys $517 Million in Ethereum, Stakes Entire Position

SharpLink Gaming has emerged as a prominent corporate buyer of Ethereum in 2025, with a recent acquisition of $517 million worth of ETH. The company now holds 198,167 ETH, all of which has been staked, earning over 220 ETH in rewards since June. This aggressive move positions SharpLink as one of the most active corporate buyers of Ethereum this year. Between June 23 and June 30, the company purchased approximately 9,468 ETH worth $22.8 million at an average price of $2,411. Additionally, SharpLink raised $24.4 million through its At-The-Market (ATM) equity facility, selling around 2.5 million shares with plans to use the proceeds for further ETH purchases. The company's stock ticker, “$SBET,” underscores its strategic focus on Ethereum.

SharpLink's decision to stake its entire Ethereum position not only boosts its yield but also signals a long-term commitment to the Ethereum ecosystem. By staking, the company gains passive income while contributing to the security of the Ethereum network. This strategy has resulted in a 17.7% increase in its ETH-per-share metric in just under a month, reflecting a growing trend of companies actively utilizing crypto within the ecosystem.

Concurrently, early Ethereum adopters, often referred to as "OG whales," are quietly offloading their holdings. On July 3, a wallet identified as 0xe592 transferred 4,123 ETH worth over $10.5 million to Gemini. This wallet had accumulated 21,664 ETH at an average price of $573 between 2017 and 2018. Such transfers to centralized exchanges often indicate impending sales, and this move is part of a broader trend among early Ethereum adopters who are taking profits after significant gains.

Another wallet, dormant for three years, deposited 2,450 ETH to Kraken on July 2, unlocking a profit of $2.74 million. This wallet had previously withdrawn the ETH from Kraken in 2022 when prices were near $1,305. With ETH now trading above $2,400, the move suggests strategic profit-taking. Additionally, a wallet tied to the 2015 Genesis sale offloaded 501 ETH, originally purchased at $0.31 and later added at $459. Since 2021, this wallet has sold 14,394 ETH for $50 million, resulting in a total profit of $55.6 million, a 149x return. The wallet still holds 2,410 ETH, valued at around $5.8 million, indicating potential for further exits.

The market structure of Ethereum is evolving as institutional players adopt ETH as a treasury asset, moving beyond speculative trading. Staking adds utility, turning ETH into a yield-generating tool within company balance sheets. However, the significant selling by long-term holders suggests a shift in ownership, with early believers taking profits while new players enter the market. This reshuffle may impact short-term volatility but strengthens Ethereum's investor base for the long term. The divergence between corporate accumulation and OG exits highlights a maturing market, where Ethereum is increasingly seen as a strategic asset for balance sheets.