SharpLink Gaming Becomes Largest Publicly Traded Ethereum Holder with $463 Million Acquisition

SharpLink Gaming, a Nasdaq-listed company, has made a historic move by acquiring 176,271 ETH for approximately $463 million, positioning itself as the largest publicly traded holder of Ethereum worldwide. Announced on June 13, 2025, the acquisition was executed at an average price of $2,626 per ETH, including fees and expenses. This strategic purchase, combined with additional funding from an at-the-market (ATM) equity program, shows SharpLink’s commitment to integrating digital assets into its corporate treasury strategy. The company now ranks as the second-largest ETH holder globally, trailing only the Ethereum Foundation.

The acquisition follows a private investment in public equity (PIPE) transaction on May 26, 2025, and includes $79 million in gross proceeds raised through the ATM facility. A significant portion of these funds was directed toward further ETH purchases, driving an 11.8% growth in ETH per share since June 2, 2025. Over 95% of SharpLink’s ETH holdings are currently deployed in staking and liquid staking solutions, contributing to Ethereum’s network security while generating yield. This move reflects a broader vision to align the company’s financial strategy with the growing adoption of decentralized technologies.

Rob Phythian, CEO of SharpLink Gaming, described the acquisition as a landmark moment for both the company and the broader adoption of digital assets by public entities. He emphasized Ethereum’s role as critical infrastructure for digital commerce and decentralized applications. By making ETH its primary treasury reserve asset, SharpLink is signaling strong confidence in the cryptocurrency’s potential as programmable, yield-bearing capital. This approach aims to provide shareholders with direct exposure to Ethereum’s economic growth.

Joseph Lubin, Chairman of SharpLink Gaming and Co-Founder of Ethereum, highlighted the significance of the company’s strategy amid evolving regulatory landscapes. He noted that the United States Congress is progressing toward passing legislation on stablecoins and digital asset market structures, which could accelerate Ethereum’s adoption. Lubin, also the Founder and CEO of Consensys, praised SharpLink’s allocation of capital to ETH staking, which strengthens Ethereum’s network while generating additional returns.

Treasury Strategy and Market Impact

SharpLink’s adoption of an ETH-centric treasury reserve policy marks a first among Nasdaq-listed companies, setting a precedent for institutional investment in digital assets. The company’s $1 billion ATM equity program, active between May 30 and June 12, 2025, raised $79 million, with the majority earmarked for further ETH acquisitions. This strategy not only enhances SharpLink’s financial exposure to Ethereum but also reinforces its belief in blockchain’s transformative potential across industries. By integrating ETH into its core financial framework, SharpLink is positioning itself as a pioneer in the convergence of traditional finance and decentralized systems.

The market impact of SharpLink’s acquisition extends beyond its balance sheet, as it signals growing confidence in Ethereum among institutional investors. The company’s focus on staking demonstrates a commitment to supporting Ethereum’s long-term security and scalability. As legislative efforts in the U.S. create a clearer framework for digital assets, SharpLink’s move could inspire other public companies to explore similar strategies. This acquisition highlights Ethereum’s maturing role as a foundational technology for the global economy.

SharpLink’s leadership sees this as more than a financial maneuver; it’s a statement about the future of decentralized networks. By aligning its treasury with Ethereum, the company is betting on the cryptocurrency’s ability to drive innovation in digital commerce. As Ethereum continues to evolve, SharpLink’s position as a major holder could amplify its influence in shaping the ecosystem.