Minneapolis, MN – SharpLink Gaming, Inc. (Nasdaq: SBET) has significantly expanded its Ethereum (ETH) holdings, acquiring approximately 7,689 ETH for an estimated $19.2 million between June 28 and July 4, 2025, at an average price of $2,501 per ETH. This latest purchase brings the company's total Ethereum treasury to over 205,634 ETH, solidifying its position as the world's largest publicly traded holder of the cryptocurrency. Concurrently, SharpLink Gaming has raised an additional approximately $64.2 million through an at-the-market (ATM) share sale, with a substantial portion of these proceeds earmarked for further ETH acquisitions.
The recent accumulation is part of a broader strategic pivot initiated in May 2025, when SharpLink Gaming secured a $425 million private investment in public equity (PIPE) to establish Ethereum as its primary treasury reserve asset. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, assumed the role of Chairman of SharpLink's Board of Directors following this initial funding. The company, originally focused on iGaming and sports betting technology, has since systematically increased its ETH reserves.
SharpLink's total Ethereum holdings are now valued at over $525 million, based on recent market prices. The company has committed 100% of its ETH assets to staking protocols, actively generating yield and contributing to the Ethereum network's security. Since launching this treasury strategy on June 2, 2025, SharpLink has earned 322 ETH in staking rewards, equivalent to approximately $2.1 million.
The company's strategic shift has drawn comparisons to MicroStrategy's Bitcoin treasury model, positioning SharpLink as a public market proxy for Ethereum. To enhance transparency for investors, SharpLink introduced a new metric called "ETH Concentration," which measures the number of ETH held per 1,000 diluted shares outstanding. As stated in a social media post, "The company has also raised an additional ~$64.2M that will be used to buy more ETH. Accelerate." This aggressive accumulation strategy has been met with positive investor sentiment, leading to surges in SharpLink's stock price.