US-based gaming firm SharpLink has added over 77,000 Ethereum to its treasury as it cements itself as the second-largest corporate holder of the altcoin.
SharpLink’s latest acquisition of 77,210 ETH, worth approximately $295 million, was finalised on July 28, according to on-chain data from Lookonchain.
The company now holds more than 438,000 ETH, valued at over $1.69 billion, further solidifying its status as a leading institutional player in the Ethereum ecosystem.
Interestingly, the latest buy exceeds the total net ETH issued over the past 30 days, which stood at 72,795 ETH, per data from Ultra Sound Money.
SharpLink has staked most of the newly acquired ETH as a part of its long-term strategy of using proof-of-stake rewards to generate passive income on its holdings.
SharpLink is on an ETH buying spree
This acquisition comes less than a week after the firm disclosed it had bought 79,949 ETH, bringing its total ETH holdings to 360,807 on July 22.
With the latest purchase, SharpLink has added over 157,000 ETH to its treasury in under two weeks.
These acquisitions are being funded primarily through the firm’s ongoing equity sale initiative.
In a filing with the SEC earlier this month, SharpLink amended its equity raise program, expanding its target from $1 billion to $6 billion.
The company has already raised $721 million, including $425 million through a private placement backed by investors such as Consensys, Pantera, ParaFi, and Electric Capital.
Most of the proceeds are being directed toward ETH purchases, and only a small portion has been allocated to support operations and as working capital.
SharpLink began accumulating ETH in early June after naming Ethereum its primary reserve asset.
The company now stakes nearly all its holdings through platforms such as Figment and Hoppers DApp, having already earned over 567 ETH in staking rewards.
Nearly 99.7% of its treasury is locked in staking contracts, which differentiates this strategy from traditional cash-based reserves.
SharpLink has also announced strategic hires to support its digital asset strategy.
Last week, it appointed former BlackRock executive Joseph Chalom as co-CEO.
Chalom, who spent two decades at the world’s largest asset manager, will oversee SharpLink’s global expansion and treasury strategy.
Back in May, the company also named Ethereum co-founder and Consensys CEO Joseph Lubin as chairman of its board.
Ethereum is the hot new treasury asset
SharpLink’s aggressive ETH strategy comes as more and more institutions have disclosed their interest in the second-largest cryptocurrency.
The so-called Ethereum treasury race has intensified, with major players vying to secure large portions of the altcoin’s liquid supply.
According to data from the Strategic ETH Reserve, corporations and ETFs now collectively hold 8.12 million ETH, representing 6.73% of the total circulating supply and valued at more than $31 billion.
BitMine Immersion Technologies, a direct competitor to SharpLink, currently holds over 566,000 ETH, valued at more than $2 billion, and is its largest corporate holder.
Over the long run, the firm plans to hold 5% of Ethereum’s total supply, which would equate to roughly 6 million ETH.
Several other companies, including Bit Digital, GameSquare Holdings, and BTCS Inc., have ramped up their Ethereum holdings in 2025.
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