A Historic Move Among Public Companies
Sports betting platform SharpLink Gaming has just announced the purchase of 176,271 ETH valued at $463 million, making it the largest public company holder of Ethereum in the world today.
According to an official statement released Friday, the acquisition was financed through a mix of private placements and public stock sales, including $79 million raised since May 30. The average purchase price was $2,626 per ETH.
Notably, over 95% of SharpLink’s ETH has already been deployed into staking and liquid staking platforms, both to generate yield and enhance Ethereum’s network security.
CEO Rob Phythian commented:
“This marks a pivotal milestone for both SharpLink and the broader adoption of digital assets at the public company level. We now view ETH as our primary treasury reserve asset.”
“The MicroStrategy of Ethereum”
SharpLink’s bold ETH-focused treasury strategy is being likened to MicroStrategy’s role with Bitcoin. But unlike MicroStrategy, which has focused exclusively on BTC, SharpLink is the first publicly listed company on the Nasdaq to implement a treasury model centered around Ethereum.
Their goal: to offer shareholders “significant economic exposure to ETH.”
SharpLink Chairman and Ethereum co-founder Joseph Lubin said:
“SharpLink’s bold strategy marks a turning point in bringing Ethereum closer to institutional investors. Allocating capital into ETH and actively supporting the network through staking are tangible steps to reinforce trust and security in Ethereum.”
Who Holds More ETH Than SharpLink?
Despite being the largest public company ETH holder, SharpLink is not yet the biggest institutional holder overall.
According to Arkham data, the Ethereum Foundation currently holds 214,129 ETH, worth approximately $594 million.
Additionally, ETH spot ETFs such as BlackRock’s iShares Ethereum Trust manage massive ETH reserves on behalf of investors. As of Thursday, iShares holds about 1.7 million ETH, valued at roughly $4.5 billion.
Controversial Strategy: Stock Drops After Soaring 400%
Although SharpLink’s ETH-centric move generated massive headlines, it hasn’t been without controversy.
After announcing its strategy on May 27, SharpLink’s stock (SBET) soared over 400%.
However, just days later, shares plummeted 73% during after-hours trading on Thursday—dropping from $32.53 to under $8, before partially recovering.
The sudden drop was triggered by misinterpretation of a newly filed S-3 with the SEC, which authorized the potential resale of nearly 58.7 million shares by private investors. Importantly, this did not represent an immediate sale—but markets panicked nonetheless, resulting in a sharp sell-off.
Conclusion: ETH at the Heart of Corporate Finance
SharpLink’s massive ETH purchase signals a new milestone in corporate crypto adoption. By positioning ETH as the core of its financial reserve, SharpLink isn’t just reshaping its treasury strategy—it’s sending a strong message about Ethereum’s long-term maturity and institutional potential.
If this trend continues, we could soon witness the dawn of a “new ETH era,” with more public companies following SharpLink’s financial playbook in the months to come.
