SharpLink Bets Big on Ethereum With US$463M Buy, Becomes No. 2 Holder

SharpLink Gaming has acquired 176,270.69 ETH for a total of US$462,947,816 (AU$713,233,944), making it the largest publicly traded holder of Ethereum in the world. The only entity ahead of it globally is the Ethereum Foundation. The Minneapolis-based company completed the purchase at an average price of US$2,626 (AU$4,045) per ETH, inclusive of fees and expenses.

The acquisition comes as part of a broader strategy initiated on 27 May, when SharpLink announced a new ETH-based treasury model, triggering a 400% single-day stock spike and a 2,100% rally over the week. 

According to the company, over 95% of its ETH holdings have been deployed into staking and liquid staking protocols, generating yield while also contributing to Ethereum network security.

Related: Ethereum Foundation Announces New Treasury Policy for Critical 2025-26 Period

Sharplink CEO Rob Phythian called the move a “landmark moment”, noting ETH’s role as a programmable, yield-bearing digital infrastructure.

We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralised applications.

Rob Phythian, Chief Executive Officer of SharpLink Gaming.

Joseph Lubin, Chairman of SharpLink and also co-founder of Ethereum, said the initiative comes at a “unique time” as US lawmakers consider new legislation on stablecoins and digital assets.

Hopefully, such legislation will serve as a catalyst for adoption of Ethereum technology, a decentralised network capable of many functions in the onboarding of the global economy.

Joseph Lubin, Chairman of SharpLink Gaming and co-founder of Ethereum

In making ETH its core reserve, SharpLink joins the ranks of corporate crypto adopters like Strategy and GameStop – but unlike them, it’s betting on Ethereum, not Bitcoin.

Related: Strategy Doubles Down on Bitcoin, Adds 705 BTC for US$75 Million

SharpLink Stock Volatile Amid Filing Misinterpretation

A routine SEC filing by SharpLink warned of several risks, including ETH potentially being labelled a security and the rise of CBDCs undercutting demand for crypto assets. 

The filing was followed by a 70% after-hours decline and confusion among retail traders. Shares opened at US$10.26 (AU$15.83) Friday, down from US$32.53 (AU$50.19) the previous day. Despite the volatility, SharpLink remains up more than 500% from pre-announcement levels.