SharpLink Buys $463M in ETH, Now 2nd Largest Holder – Coincu

Key Points:

• SharpLink adopts Ethereum as its treasury reserve, investing $463M and leading public company ETH holdings.
• Over 95% of SharpLink’s ETH is staked, generating yield and supporting Ethereum network security.
• Backed by $504M in funding, SharpLink shifts away from Bitcoin-focused treasury strategies.

SharpLink Gaming, Inc. (Nasdaq: SBET) announced it has acquired 176,270.69 ETH for approximately $462.9 million, making it the largest publicly traded holder of Ethereum, second only to the Ethereum Foundation. The average purchase price was $2,626 per ETH, inclusive of fees.

As of June 13, over 95% of the acquired ETH has been allocated to staking and liquid staking platforms. This provides network security for Ethereum while generating native yield for SharpLink. The company disclosed that these activities have resulted in ETH per share growth of 11.8% since June 2, 2025.

ETH Becomes SharpLink’s Primary Treasury Reserve

SharpLink has officially shifted to an Ethereum-based treasury reserve model. CEO Rob Phythian stated, 

“We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications.” 

He added that ETH was chosen because of its role as “programmable, yield-bearing digital capital.”

This strategy reflects the company’s broader belief in blockchain’s role in shaping the future of financial infrastructure. Joseph Lubin, Co-Founder of Ethereum and Chairman of SharpLink, said, 

“SharpLink’s bold ETH strategy represents a pivotal milestone and innovative approach to the institutional adoption of Ethereum.” 

He noted that SharpLink’s use of ETH in staking helps “contribute to Ethereum’s long-term security and trust properties.”

Funding and Equity Strategy

SharpLink’s recent acquisitions were supported by multiple funding events. On June 2, the company raised $425 million in a private placement led by Consensys. The goal was to establish Ethereum as its primary treasury asset.

In addition, SharpLink has been selling shares under its $1 billion at-the-market (ATM) equity program. Between May 30 and June 12, the company raised approximately $79 million in gross proceeds through the ATM facility. A large portion of these funds has already been used for additional ETH purchases, contributing to the overall total.

As CoinCu reported, SharpLink submitted Form S-3 ASR with the U.S. Securities and Exchange Commission to register up to $1 billion in securities. This move supports its treasury strategy centered on Ethereum, signaling a departure from typical Bitcoin-focused corporate reserve approaches.

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