SharpLink Gaming is accelerating its Ethereum strategy with a major purchase that brings its total holdings closer to a key milestone of 500,000 ETH.
On July 28, blockchain analysis platform Lookonchain revealed that the firm acquired 77,210 ETH, worth approximately $295 million. This move brings SharpLink’s total Ethereum reserves to 438,017 ETH, valued at around $1.69 billion.
While the company has not formally confirmed the latest buy, the transaction suggests SharpLink is pushing toward a 500,000 ETH target.
Reaching that threshold would cement its position as the second-largest known corporate holder of Ethereum, behind only BitMine Immersion, which holds about 566,800 ETH valued at $2.21 billion.
Meanwhile, data from Arkham Intelligence shows the newly acquired ETH was staked in 3,200 ETH batches using Figment. The firm is a leading provider of institutional staking infrastructure, offering services to over 500 institutional clients, including asset managers, exchanges, and large token holders.
Early market indications show that SharpLink’s Ethereum-focused strategy appears to be resonating with investors.
According to Google Finance data, the company’s stock (SBET) has surged over 120% in the past month. As of pre-market trading, the stock is priced at $23.61, up 7.37% on the day
Leadership changes
This Ethereum acquisition is the first major move since SharpLink named Joseph Chalom as Co-CEO on July 25.
Chalom previously led digital asset strategy at BlackRock and played a key role in launching the BUIDL fund, as well as Bitcoin and Ethereum ETFs.
SharpLink’s chairman, Joseph Lubin, said Chalom’s appointment signals the firm’s deeper focus on institutional-grade crypto exposure. He furthered that Ethereum is entering a new phase, one that requires large capital, capable leadership, and long-term alignment.
Lubin added:
“Joseph brings all three. His decision to join Sharplink is a massive vote of confidence for Ethereum and for the role ETH will play in the future of capital markets. With stablecoins, ETH Treasury companies and top tier talent TradFi is onboarding to DeFI.”
Chalom echoed this vision, saying:
“Our goal [at SharpLink] is not just to hold ETH, but to activate it, using native staking, restaking, and Ethereum-based yield strategies. All to increase the value of our treasury and create long-term shareholder value.”
Mentioned in this article
