SharpLink Gaming, a company listed on Nasdaq, has significantly increased its commitment to cryptocurrency by acquiring 176,270.69 Ethereum (ETH) tokens in a transaction worth approximately $462.95 million. The announcement made on June 13 positions SharpLink not only as the largest publicly traded holder of ETH but also the second-largest holder globally, surpassed only by the Ethereum Foundation.
More than 95% of the company’s Ethereum holdings are being staked, a move aimed at generating passive income for its shareholders and simultaneously supporting Ethereum’s network security. With this strategic pivot, SharpLink is affirming Ethereum’s role as a foundational asset in its corporate treasury.
The purchase partly follows SharpLink’s successful $79 million capital raise, and the significant Ethereum acquisition has since resulted in an 11.8% growth in ETH-per-share value since early June.
Rob Phythian, SharpLink Gaming’s CEO, emphasized the company’s conviction regarding Ethereum’s role as a vital piece of infrastructure for digital commerce and decentralized applications. He described ETH as a form of “programmable, yield-bearing digital capital,” underlining the rationale behind the decision to allocate such a massive proportion of the company’s treasury to the asset.
SharpLink’s move aligns with broader legislative developments, as the U.S. Congress is actively progressing landmark stablecoin and digital asset market structure legislation, signaling broader institutional acceptance of Ethereum. Joseph Lubin, co-founder of Ethereum, CEO of Consensys, and chairman of SharpLink, termed this acquisition a significant milestone that could encourage other institutions to view Ethereum as an essential technology infrastructure component.
By committing nearly half a billion dollars into Ethereum, SharpLink demonstrates a firm belief in the blockchain’s long-term utility and growth potential within decentralized finance (DeFi), digital ownership platforms, and future internet development. Should regulatory clarity increase through new congressional measures, SharpLink’s proactive stance could position it as an early example of a potential trend in corporate adoption of cryptocurrency reserves.
