Minnesota-based SharpLink Gaming has made a major move into the world of digital assets by purchasing over 176,000 ETH, valued at approximately $463 million. The company now holds the second-largest known Ethereum treasury among publicly traded companies, trailing only the Ethereum Foundation itself.
CEO Rob Phythian called the acquisition a “milestone moment” for public company adoption of crypto, emphasizing Ethereum’s potential to serve as a programmable form of capital central to the future of Web3 and decentralized finance (DeFi).
Ethereum Becomes SharpLink’s Primary Reserve Asset
This aggressive shift aligns with SharpLink’s new Ethereum-focused treasury management strategy. The company is positioning ETH as its core reserve asset, underscoring its strong belief in the long-term value and utility of the Ethereum blockchain.
The ETH purchase was made possible through a $425 million private placement, led by Consensys—a major Ethereum developer—with participation from leading crypto investors such as ParaFi Capital and Galaxy Digital. An additional $79 million was raised via share sales to further increase its ETH holdings.
Stock Drop Doesn’t Deter Long-Term Crypto Vision
Despite the bullish move into Ethereum, SharpLink’s stock took a 70% hit on June 12, following news of a possible resale of 68 million shares. However, the company remains firm in its strategy. Leadership reaffirmed their commitment to building the largest Ethereum treasury among public companies.
At the time of reporting, Ethereum was trading at $2,544, putting SharpLink’s total ETH holdings at just over $463 million in market value.
SharpLink’s bold strategy reflects a broader trend of traditional firms exploring blockchain-based assets—not just for speculative gain, but as a foundational component of their financial infrastructure.
