Sports betting platform Sharplink Gaming has become the largest publicly traded holder of Ethereum after announcing a $463M ETH treasury strategy. The company is amassing 176,271 Ether coins as part of its new strategy, opting for the Ethereum cryptocurrency instead of Bitcoin (BTC). The acquisition was funded through a blend of private placements and at-the-market equity sales, including $79 million raised since May 30. SharpLink is the first Nasdaq-listed company to adopt a treasury reserve policy centered on ETH.

Sharplink quickly decided to stake most of its newly acquired Ethereum, around 95% according to reports. This approach generates yield and also bolsters the security of Ethereum’s network, aligning financial gain with contribution to the Ethereum network. Rob Phythian, SharpLink’s CEO, labeled the ETH acquisition as a“landmark moment” for both the company and the broader landscape of public companies embracing digital currencies. “Ether is now the cornerstone of our treasury strategy,” the CEO said this week.

Sharplink’s move is similar to one by another top company, Strategy. The Michael Saylor-led tech firm is the largest institutional investor of Bitcoin, and has seen its company’s value and revenue skyrocket since employing this strategy, pun intended. Other companies have tried similar tactics involving cryptocurrency, most recently BlackRock and GameStop. While the latter’s venture hasn’t taken off yet, Sharplink aims to find success with the Ethereum cryptocurrency.

SharpLink chairman and Ethereum co-founder Joseph Lubin also describes the strategy as a “pivotal milestone” in institutional adoption. Lubin notes that SharpLink’s commitment to staking not only enhances Ethereum’s network integrity but also generates additional ETH rewards. “This is innovation in action—capital allocation that serves both corporate growth and the Ethereum ecosystem,” Lubin added.

At press time, Ethereum is trading at $2,550, down 7% on Friday. Today’s dip has nearly wiped away the gains ETH has seen in the past week, now only up 2% in the last seven days. Meanwhile, SharpLink’s strategy has sparked volatility and debate among SBET investors. Following the company’s initial ETH treasury announcement on May 27, its stock price surged by over 400%, reflecting investor enthusiasm. However, a recent S-3 SEC filing triggered a sharp 73% drop in after-hours trading on Thursday, as shares plummeted from $32.53 to below $8. At press time, SBET is changing hands at just over $10 a share.


  • ETH
  • ethereum