SharpLink Gaming Acquires $68 Million in ETH

SharpLink Gaming, listed on Nasdaq under SBET, has acquired an additional 20,279 ETH, valued at $68 million, as part of its strategy to accumulate ether. This purchase comes after SharpLink recently became the largest corporate holder of the cryptocurrency. Data from Arkham Intelligence indicates that on Wednesday, SharpLink obtained 9,425 ETH from Galaxy Digital and followed up with another 10,854 ETH from Coinbase Prime just hours later. During this time, the company moved 3,200 ETH to Figment's non-custodial staking service and 10,854 ETH to Liquid Collective's staking network. Originally established in Minneapolis as a marketing and iGaming software firm, SharpLink initiated its Ethereum treasury strategy in late May, which coincided with a $425 million private placement led by Consensys, a notable crypto infrastructure developer. Consensys CEO and Ethereum co-founder Joseph Lubin currently serves as chairman of SharpLink. In recent weeks, SharpLink has intensified its Ethereum purchases, frequently acquiring between 10,000 and 25,000 ETH per transaction. Earlier this week, the company confirmed its status as the largest corporate holder of ether, surpassing the Ethereum Foundation in total holdings. As of July 15, SharpLink had 280,706 ETH in its treasury. Recent reports suggest that the current total has now reached 321,000 ETH. On Wednesday, SharpLink's stock surged by 29%, reaching $37.38, and it has climbed 113% over the past five days, according to Google Finance data. Meanwhile, ether's value rose by 7% in the past 24 hours, trading at $3,348 according to The Block's Ethereum price page. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.