Sports Betting Giant SharpLink Bets Big on Ethereum
In a groundbreaking move, SharpLink Gaming has acquired 176,271 Ether (ETH) worth $463 million, officially making it the largest publicly traded holder of Ethereum in the world.
The Nasdaq-listed company has now adopted ETH as its primary treasury reserve asset, a first for any public company.
According to the official announcement, SharpLink funded the acquisition through a mix of private placements and equity sales, raising $79 million since May 30 alone. The average purchase price for the Ether came in at $2,626 per coin.
Staking Strategy: Earning While Supporting the Network
Over 95% of SharpLink’s ETH is already staked or deployed in liquid staking platforms, allowing the company to earn yield while contributing to Ethereum’s network security.
This positions SharpLink as not only a holder but an active participant in the Ethereum ecosystem.
The company says this move is designed to give shareholders meaningful exposure to ETH’s long-term growth, much like what MicroStrategy did with Bitcoin. This has earned SharpLink the title of the “MicroStrategy of Ether.”
SharpLink Chairman: A “Pivotal Milestone” for Ethereum Adoption
SharpLink’s chairman, who also co-founded Ethereum, praised the move as a milestone in institutional ETH adoption, stating it will boost Ethereum’s security and trust properties while generating additional returns.
“This is both a strategic and philosophical alignment with the Ethereum network,” he added.
Others Still Hold More—But Not Publicly Traded
While SharpLink now leads among public companies, some private and nonprofit entities hold more ETH:
- The Ethereum Foundation holds 214,129 ETH, currently valued at $594 million.
- BlackRock’s Ethereum Trust ETF controls 1.7 million ETH on behalf of clients, worth roughly $4.5 billion.
Market Reaction: Volatility and Misunderstanding
Following the treasury move, SharpLink’s share price surged over 400%, only to drop by 73% in after-hours trading after a regulatory S-3 filing. The market misread the filing as an insider sell-off, though it was merely a routine disclosure for potential resale options.
Despite short-term volatility, SharpLink’s bold ETH strategy signals growing confidence in Ethereum as a long-term institutional asset.