SharpLink Gaming Inc. has turned heads across the crypto and finance world after announcing a major milestone that places it ahead of even the Ethereum Foundation in ether holdings. The Minneapolis-based Nasdaq-listed firm has scooped up a whopping 280,706 ETH, vaulting its treasury to an estimated $858 million and changing the game for how corporations treat crypto assets.
This purchase isn’t just another line item on a balance sheet. It’s a statement — loud and clear that Ethereum is not just for the blockchain-savvy crowd anymore. With share prices up and eyes locked on its next move, SharpLink is turning a strategic treasury play into a market power move.
Ether Grab Pushes SharpLink Into Uncharted Corporate Territory
It wasn’t some casual buy. Between July 7 and July 13, SharpLink scooped up 74,656 ETH, averaging $2,852 per token.
That purchase alone ran them close to $156 million. At current market prices, their total ETH stash is valued near $858 million.
This move catapults SharpLink ahead of the Ethereum Foundation, which holds roughly 196,354 ETH, now worth about $591 million according to Arkham data. For context, they even directly bought 10,000 ETH from the Ethereum Foundation itself just last week a flex that didn’t go unnoticed.
How They Paid for It All? Look No Further Than Wall Street
You might be wondering where the cash came from. Simple answer: shareholders.
SharpLink raised $413 million via an at-the-market (ATM) share sale program from July 7 to July 11. They’ve still got $257 million left in the tank from that raise which means more ETH buys could be on the table.
And the market liked what it saw. Shares of SBET surged 10% following the announcement, according to Yahoo Finance. This isn’t just about crypto; it’s about confidence.
The Ethereum Strategy Isn’t Just Holding It’s Working
SharpLink isn’t simply parking ETH in a wallet. Nearly all of it 99.7% is staked.
That’s already paying off. They’ve earned 415 ETH in rewards so far, including 94 ETH just last week. This strategy is turning passive holdings into active yield, adding to their treasury without spending more fiat.
They’ve even created a new metric for investors: “ETH concentration.” As of July 13, that figure hit 2.46 ETH per 1,000 assumed diluted shares a 23% jump from just a month ago.
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280,706 ETH total holdings
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$858 million total ETH value (approx.)
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415 ETH earned from staking
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$156 million spent on recent 74,656 ETH purchase
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10% SBET stock rise after announcement
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2.46 ETH per 1,000 diluted shares (up from 2.00 last month)
Ethereum Co-Founder Steps In: Joseph Lubin Joins the Ride
This isn’t just a numbers story. It’s also about personnel power.
Back in May, SharpLink raised $425 million through a private placement led by none other than Consensys Ethereum’s heavyweight infrastructure company. As part of the deal, Consensys CEO and Ethereum co-founder Joseph Lubin was named chairman of SharpLink.
That’s a serious vote of confidence from one of Ethereum’s own architects. It also blurs the line between protocol creators and corporate adopters in a way the crypto world hasn’t quite seen before.
A Race Is Heating Up SharpLink Just Took the Lead
SharpLink is now the corporate face of Ethereum accumulation. But it’s not the only one in the race.
Other players, like BitMine Immersion and Bit Digital, have also been loading up on ETH using similar ATM share sale strategies. The goal? To become the biggest publicly traded ETH holder in the world.
But SharpLink just raised the bar. And with $257 million still ready to deploy, there’s every chance they’ll widen the gap in the weeks to come.
