SharpLink Gaming (Nasdaq: SBET) has officially become the largest publicly-traded holder of Ethereum (ETH) following the acquisition of 176,270.69 ETH for approximately $462.95 million.
The strategic purchase was made at an average price of $2,626 per ETH, inclusive of fees and expenses, positioning SharpLink second only to the Ethereum Foundation in total ETH holdings.
Treasury Pivot Toward Ethereum
This move marks a historic milestone in public company adoption of digital assets. According to SharpLink CEO Rob Phythian, the decision to pivot treasury reserves into Ethereum reflects a long-term conviction in ETH as the core infrastructure of future digital commerce and decentralized applications.
“Ethereum is programmable, yield-bearing digital capital,” said Phythian. “Our ETH strategy is not just about holding an asset — it’s about participating in and supporting the Ethereum network.”
Majority of ETH Actively Staked
As of June 13, over 95% of SharpLink’s ETH holdings are actively staked or deployed in liquid staking protocols. This allows the company to contribute to Ethereum’s network security while earning native yield — reinforcing ETH’s dual value as both a financial asset and network resource.
The move follows SharpLink’s successful capital raise through its $1 billion at-the-market (ATM) equity program. Between May 30 and June 12, the company raised approximately $79 million in gross proceeds, the majority of which has been funneled directly into ETH purchases.
Joseph Lubin Praises Institutional Ethereum Commitment
Ethereum Co-Founder and Consensys CEO Joseph Lubin, who also serves as SharpLink’s chairman, emphasized the broader implications of the strategy:
“SharpLink’s bold ETH strategy comes at a pivotal moment as U.S. lawmakers prepare to advance landmark digital asset legislation,” Lubin said. “This initiative exemplifies institutional confidence in Ethereum and contributes directly to the network’s long-term trust and security.”
Market Outlook and Impact
SharpLink’s aggressive ETH positioning is expected to provide shareholders with direct economic exposure to Ethereum, while amplifying institutional focus on ETH-based yield strategies. The firm also reported that since June 2, its ETH-per-share metric has grown 11.8% following its initial wave of token accumulation.
As regulatory clarity approaches and more institutions explore blockchain integration, SharpLink’s treasury move could set a precedent for how public companies allocate capital in the digital age.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/gaming-company-makes-history-investing-463m-in-ethereum-becomes-largest-publicly-traded-eth-holder/