SharpLink Gaming (Nasdaq: SBET) has made a landmark move in the crypto space, acquiring 176,271 ETH for approximately $462.9 million.
Author: Sahil Thakur
Written On: Sat, 14 Jun 2025 05:11:33 GMT
SharpLink Gaming (Nasdaq: SBET) has made a landmark move in the crypto space, acquiring 176,271 ETH for approximately $462.9 million, making it the largest publicly traded holder of ether worldwide. Only the Ethereum Foundation holds more.
The companyâs average purchase price was $2,626 per ETH. The acquisition was funded through a previously disclosed private investment in public equity (PIPE) and proceeds from SharpLinkâs $1 billion at-the-market (ATM) equity program. From May 30 to June 12, the firm raised $79 million via the ATM facility, using most of it to expand its ETH position.
SharpLink is now the first Nasdaq-listed company to make Ethereum its primary treasury reserve asset. The strategy places the firm at the forefront of institutional adoption of ETH.
The ETH allocation isnât just idle. Over 95% of the acquired ETH is actively staked or deployed in liquid staking protocols, supporting the Ethereum network and earning network rewards. Since June 2, 2025, the company has reported an 11.8% ETH-per-share increase, giving shareholders direct exposure to Ethereumâs performance.
SharpLinkâs chairman, Joseph Lubinâalso the co-founder of Ethereumâcalled the move a âturning pointâ in public company crypto strategy. He emphasized that the strategy contributes to Ethereumâs network security and showcases how digital assets can be a serious part of corporate finance.
Lubin also noted the broader timing. The acquisition comes as U.S. lawmakers weigh new legislation around stablecoins and digital assets. These developments may further solidify Ethereumâs role in future financial infrastructure.
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