17-7-2025 – SharpLink Gaming, a Nasdaq-listed sports betting marketing firm, has acquired an additional 10,614 ETH, valued at approximately $35.62 million, bringing its total Ethereum holdings to 296,508 ETH, worth nearly $1 billion, according to Onchain Lens monitoring.
The purchase, completed on July 16, 2025, underscores the company’s aggressive strategy to position Ethereum as its primary treasury reserve asset. Since announcing its Ethereum treasury strategy on May 27, 2025, SharpLink has rapidly expanded its ETH portfolio, raising over $400 million through a private placement and at-the-market equity sales.
The Minneapolis-based firm, led by CEO Rob Phythian and Ethereum co-founder Joseph Lubin as chairman, has staked nearly all its ETH holdings in protocols like Hoppers DApp, earning 415 ETH in rewards since June 2. This move aligns with SharpLink’s vision to integrate blockchain technology into its core operations, leveraging Ethereum’s smart contracts and DeFi protocols to innovate the iGaming industry. The company’s ETH Concentration metric, which measures ETH per 1,000 diluted shares, rose to 2.46, reflecting its growing crypto exposure.
The acquisition comes amid a broader trend of institutional adoption of Ethereum, with firms like Bit Digital also shifting toward ETH-focused treasuries. SharpLink’s strategy, likened to MicroStrategy’s Bitcoin playbook, has driven its stock up 321% year-to-date, though it faced a 73% drop in June due to a misunderstood share registration filing.
With Ethereum trading above $3,000, the company’s $45 million in unrealized gains signals strong market confidence in its approach. Investors will be watching SharpLink’s next moves, particularly whether it will pursue its planned $1 billion ETH acquisition target, as outlined in its May SEC filing.
