SharpLink Gaming Now Holds More Ether Than Ethereum Foundation
SharpLink Gaming (SBET), the Nasdaq-listed company betting big on ether (ETH), just became the largest corporate holder of the cryptocurrency. As of Tuesday, the firm reported owning 280,706 ETH—worth around $840 million at current prices. That’s more than even the Ethereum Foundation, the nonprofit behind the blockchain itself.
The company didn’t get there slowly. Over the past week, it scooped up 74,656 ETH at an average price of $2,852 per coin. To fund the buying spree, it raised $413 million by issuing over 24 million shares between July 7 and July 11. And it’s not done yet—about $257 million is still sitting ready for more purchases.
Market Reaction and Strategy Shift
Investors seem to like the move. SBET’s stock jumped 5% on Tuesday, even as ether dipped slightly to $2,990. The shares have surged roughly six times in value since the company first announced its shift toward holding ETH as a treasury asset a few weeks ago.
It’s a strategy that’s becoming familiar. SharpLink is following a path similar to Michael Saylor’s bitcoin-heavy approach, but with ether instead. The company raises money through traditional markets, buys ETH, and then stakes it to earn rewards. So far, that’s netted them 415 ETH (about $1.2 million) since June.
Interestingly, part of their recent haul came directly from the Ethereum Foundation itself—10,000 ETH in an over-the-counter deal. For context, the Foundation still holds a hefty $665 million worth of ether, according to Arkham Intelligence. But SharpLink now holds more.
Not the Only One Betting on ETH
SharpLink isn’t alone in this pivot. Other U.S.-listed firms, like Bitmine Immersion Technology (BMNR) and bitcoin miner BIT Digital (BTBT), have also shifted toward holding ether as part of their treasury strategy. It’s a trend that’s gaining steam, especially as staking rewards offer a way to generate passive income from these holdings.
Whether this approach pays off long-term is still unclear. Ether’s price can be volatile, and regulatory uncertainty lingers. But for now, SharpLink’s aggressive accumulation has certainly put it at the top of the corporate ETH holder list—a position that’s as risky as it is notable.
*Update (July 15, 15:35 UTC): Added details on Ethereum Foundation holdings.*
