SharpLink Gaming Becomes Largest Public ETH Holder With $463M Investment

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 company’s 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 SharpLink’s $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.

ETH as a Treasury Asset

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.

“ETH is programmable, yield-bearing digital capital. Our allocation reflects long-term conviction in its role in digital commerce and decentralized applications.”

The ETH allocation isn’t 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 Ethereum’s performance.

A Vote of Confidence From Ethereum’s Co-Founder

SharpLink’s chairman, Joseph Lubin—also the co-founder of Ethereum—called the move a “turning point” in public company crypto strategy. He emphasized that the strategy contributes to Ethereum’s 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 Ethereum’s role in future financial infrastructure.