SharpLink Gaming has increased its Ethereum holdings with a fresh acquisition valued at nearly $49 million.
Key Takeaways:
SharpLink Gaming boosted its Ethereum holdings with a $49 million purchase. The company began its Ethereum treasury strategy in May, supported by a $425 million private placement. SharpLink ranks as the second-largest corporate Ethereum holder.According to data from Arkham Intelligence, the company received 16,374 ETH on Sunday afternoon, sourced from a wallet that had recently purchased the tokens from Galaxy Digital’s over-the-counter market.
Although SharpLink has not officially confirmed the latest purchase, market observers at EmberCN estimate that the company now holds around 270,000 ETH.
This follows a recent acquisition of 21,487 ETH worth $63.7 million, marking a rapid accumulation of the world’s second-largest cryptocurrency within days.
SharpLink Launches Ethereum Treasury Strategy
SharpLink, initially a Minneapolis-based affiliate marketing and iGaming software firm, embarked on its Ethereum treasury strategy in late May.
The move coincided with a $425 million private placement led by Consensys, the crypto infrastructure firm founded by Ethereum co-founder Joseph Lubin, who also took on the role of SharpLink’s chairman.
Beyond building its treasury, SharpLink has expressed its commitment to supporting Ethereum’s long-term strength and decentralization.
The company’s stock performance has reflected its growing crypto exposure, closing up 17.15% at $21.65 last Friday, likely boosted by the announcement of a 10,000 ETH purchase.
Last week, Ethereum co-founder Joe Lubin said the company has been purchasing tens of millions of dollars worth of ETH every day.
“We are accumulating more and more consistently — we’re able to acquire tens of millions of dollars in Ether a day,” Lubin told CNBC.
The aggressive accumulation marks a new chapter for SharpLink. CEO Rob Phythian revealed in May that the company would expand beyond its traditional business, selling approximately $425 million in stock to investors including Consensys.
The proceeds are earmarked for Ethereum purchases, establishing ETH as SharpLink’s primary treasury reserve asset.
SharpLink currently ranks second among corporate holders, behind the Ethereum Foundation and ahead of Coinbase and others.
Ether itself has seen steady gains, trading near $2,981 and nearing its highest levels since early February, underlining the growing investor confidence that SharpLink is capitalizing on.
More Public Companies Diversify into Crypto
Following the model pioneered by Michael Saylor’s Strategy, more public companies are diversifying into crypto holdings that include BTC, ETH, SOL, and XRP.
Just recently, BIT Mining announced plans to raise between $200 million and $300 million to build a Solana (SOL) treasury as part of a broader expansion into the fast-growing blockchain ecosystem.
Last week, DeFi Development Corp. revealed that it has acquired $2.7 million worth of Solana as part of its aggressive crypto treasury strategy.
Likewise, Canadian digital asset firm Sol Strategies, already trading on the Canadian Securities Exchange, holds over 420,000 SOL tokens, positioning itself as a significant institutional player in Solana’s ecosystem.
Last month, the firm also filed to list its common shares on the Nasdaq Capital Market under the ticker “STKE” as it ramps up its U.S. expansion.
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