SharpLink Gaming, a Nasdaq-listed sports and casino marketing firm, is making headlines with its aggressive move into crypto—rapidly becoming one of the largest corporate holders of Ethereum (ETH).
Key Highlights:
- SharpLink now holds $612 million in ETH, steadily purchasing tens of millions of dollars worth daily.
- The company recently raised $64 million, allocating $37 million for more ETH purchases and staking.
- Joe Lubin, Ethereum co-founder and Consensys CEO, chairs SharpLink’s board.
- SharpLink is on pace to surpass the Ethereum Foundation, which holds around $725 million in ETH.
- Its entire ETH holdings are now staked, earning 322 ETH in rewards since early June.
From Marketing to ETH Whale
SharpLink’s Ethereum strategy signals a bold shift beyond its traditional business. In May, CEO Rob Phythian announced plans to reposition the company’s treasury by converting proceeds from a $425 million stock offering—led by investors like Consensys—into Ethereum.
Following the announcement, SharpLink’s stock price skyrocketed nearly 2,700%, peaking at $124 on May 30. However, it later plunged 75% after an SEC filing allowed insiders to sell shares. Joe Lubin clarified on social media that neither he nor Consensys sold any shares, calling the filing routine.
Between June 28 and July 4, SharpLink raised another $64 million, of which $37 million was dedicated to buying more ETH.
Corporate ETH Rankings (as of July):
- Ethereum Foundation – ~$725M
- SharpLink Gaming – $612M
- Coinbase, others – trailing behind
SharpLink has also fully staked its ETH holdings, joining the growing trend of earning yield through staking and restaking protocols.
Stock and Market Reaction
- SharpLink’s stock dipped below $10 in June but has now rebounded to $18.
- Ethereum (ETH) hit $2,967 on Thursday—its highest since February.
The market seems to be responding positively to SharpLink’s treasury strategy, as it echoes MicroStrategy’s Bitcoin playbook, which helped define BTC as a corporate reserve asset.
Context: The Bigger Corporate Crypto Push
SharpLink isn’t alone. Other companies are also moving into crypto reserves:
- BIT Mining is raising up to $300M to build a Solana (SOL) treasury.
- DeFi Development Corp. just acquired $2.7M in SOL.
- Sol Strategies, with 420,000 SOL in holdings, is now seeking to list on Nasdaq under the ticker “STKE”.
The strategy is clear: crypto assets—especially ETH and SOL—are increasingly seen not just as speculative bets, but as strategic long-term reserves.
