SharpLink Gaming Adds Another $115M in ETH Amid Bull Run, Total Holdings Reach 353K ETH

SharpLink Gaming has purchased an additional 32,892 Ethereum worth $115 million in the past three hours, bringing the company’s total accumulation to 144,501 ETH, valued at $515 million over the past nine days, as the cryptocurrency surges to six-month highs above $3,400.

The Minneapolis-based online performance marketing company has emerged as the world’s largest corporate holder of Ethereum, surpassing the Ethereum Foundation with approximately 353,000 ETH, worth over $1.2 billion.

SharpLink is Accumulating Aggressively

The aggressive accumulation strategy began in late May following a $425 million private placement led by Consensys.

Since then, SharpLink’s stock (SBET) has risen 29% amid the buying spree. At the time of writing, the stock is trading at $36.40 per share.

The stock has increased roughly sixfold since the ETH treasury pivot several weeks ago.

The company has allocated 99.7% of its ETH holdings to staking protocols, generating approximately 415 ETH in rewards since June while supporting Ethereum network security.

This dual-purpose strategy allows SharpLink to earn additional yield while participating in proof-of-stake consensus mechanisms.

Ethereum co-founder Joseph Lubin, who chairs SharpLink’s board and leads Consensys, described the firm’s approach as a public-market proxy for Ethereum exposure similar to MicroStrategy’s Bitcoin strategy.

The company’s positioning capitalizes on Ethereum’s programmable nature and yield-generating capabilities, which extend beyond simple price appreciation.

Corporate Treasury Revolution Follows MicroStrategy Bitcoin Playbook

SharpLink’s Ethereum accumulation follows the model pioneered by Michael Saylor’s MicroStrategy, which has amassed $67 billion in Bitcoin since 2020.

The strategy involves converting traditional cash reserves into cryptocurrency holdings to serve as the primary treasury reserve asset.

The company described Ethereum as “the base layer of the future global economy” while committing to long-term holding and staking strategies.

The transformation began after SharpLink raised approximately $425 million through private placement and at-the-market equity sales.

Proceeds were earmarked explicitly for Ethereum purchases rather than traditional business expansion, establishing ETH as the company’s primary reserve asset.

One notable transaction involved SharpLink purchasing 10,000 ETH directly from the Ethereum Foundation for $25.7 million, executed through the Foundation’s multisig wallet.

The direct purchase approach bypassed traditional exchanges and OTC desks.

Between July 7 and July 18, SharpLink purchased 134,204 ETH at an average price of $2,970, totaling $398.66 million in investments.

The company has consistently acquired tens of millions of dollars worth of ETH daily, according to Lubin’s statements to CNBC.

Institutional Ethereum Adoption Accelerates Across Multiple Sectors

The corporate Ethereum adoption trend extends beyond SharpLink to multiple publicly traded companies seeking alternatives to traditional cash management.

For instance, Bit Digital completed its transformation into an Ethereum treasury company by selling 280 BTC and deploying $172 million to accumulate over 100,000 ETH.

Similarly, GameSquare Holdings announced a $100 million ETH treasury allocation through a phased investment strategy targeting yields of 8-14%, which is significantly higher than the standard ETH staking returns of 3-4%.

The media and entertainment firm priced an $8 million public offering to fund the initiative.

Notably, Ethereum ETFs have crossed $5.5 billion in total inflows since debut, with BlackRock’s ETHA achieving record single-day inflows of $489 million on July 17.

The institutional momentum has driven Ethereum to six-month highs above $3,400 as demand significantly exceeds available supply.

ETFs currently manage 5 million ETH, representing 4.02% of Ethereum’s $413 billion market capitalization.

Ethereum-focused treasuries hold $5.3 billion worth of ETH and acquire tokens at rates 36 times the daily ETH production rate.

Corporate adoption appears concentrated among companies seeking yield advantages over Bitcoin’s store-of-value proposition.

Over 35 million ETH tokens are currently staked, representing more than 28% of the total supply locked in smart contracts, generating passive income.

In fact, World Liberty Financial, affiliated with President Trump, recently acquired $4.99 million worth of ETH, while multiple companies have announced plans to raise hundreds of millions for Ethereum treasury strategies.

The SEC’s relaxed stance on staking-as-a-service enforcement has encouraged institutional adoption without regulatory concerns.

The post SharpLink Gaming Adds Another $115M in ETH Amid Bull Run, Total Holdings Reach 353K ETH appeared first on Cryptonews.