SharpLink Gaming Boosts Ethereum Treasury with $295 Million ETH Purchase

SharpLink Gaming bought 77,210 ETH worth $295 million, according to onchain analytics firm Lookonchain. The purchase brought the company’s total Ethereum holdings to 438,017 ETH, valued at approximately $1.7 billion at current market prices.

SharpLink staked most of the newly acquired Ether to earn network rewards. On July 18, the company filed an amended prospectus with U.S. regulators to expand its planned stock sale from $1 billion to $6 billion. 

The Nasdaq-listed company trades under ticker SBET and is backed by Ethereum co-founder Joseph Lubin. It stated it will use the bulk of the proceeds for additional Ethereum purchases.

Last week, SharpLink appointed Joseph Chalom as co-CEO. Chalom previously worked at BlackRock for 20 years. Lubin called Chalom’s decision to join a “resounding validation” of the firm’s Ethereum treasury strategy.

SharpLink’s purchase of 77,210 ETH exceeded Ethereum’s net issuance (new ETH created minus ETH burned) of 72,795 ETH over the past 30 days, according to Ultra Sound Money data. With 438,017 ETH, SharpLink now holds the second-largest corporate Ethereum treasury. BitMine Immersion Technologies holds the largest with over 566,000 ETH, worth more than $2 billion.

SharpLink’s stock closed at $21.99 on Friday, July 25, down 5.7% for the day. The stock has gained over 113% over the past month and 187% year-to-date, according to Yahoo Finance data. Ether rose ~3% in the 24 hours through 1:00 a.m. Monday ET, trading around $3,900.

Corporate treasuries have been accumulating Ethereum alongside the network’s continuous token issuance. Companies like SharpLink and BitMine continue to build their Ether reserves while market participants watch how corporate demand affects supply dynamics.