TL;DR
- SharpLink’s latest buy of 32,892 ETH (about $118.8 million) pushes its total past 353,000 ETH, overtaking the Ethereum Foundation as the largest corporate holder.
- The Nasdaq‐listed firm quietly sourced 18,712 ETH from Galaxy Digital and 14,180 ETH from Coinbase Prime to minimize slippage and build its position.
- Riding an 8% Ethereum rally and a near-100% stock surge, SharpLink expanded its SEC prospectus to raise up to $6 billion for more crypto investments.
Nasdaq-listed SharpLink Gaming stunned the crypto community by purchasing 32,892 ETH, roughly $118.8 million at current prices, on Thursday. This latest acquisition cements its status as the largest corporate holder of Ethereum, surpassing even the Ethereum Foundation. Once known primarily for marketing and iGaming software, SharpLink’s rapid pivot into digital assets underscores growing institutional confidence in Ethereum’s long-term potential.
Massive ETH Acquisition Solidifies Corporate Lead
SharpLink’s recent purchase has increased its total assets to over 353,000 ETH, surpassing the Ethereum Foundation for the first time. In just nine days, the company has amassed 144,501 ETH, demonstrating an unprecedented accumulation spree among public companies. By staking such a significant claim on Ethereum, SharpLink is signaling a bold bet on the network’s future utility within decentralized finance, NFTs, and scalable applications.
Strategic Purchases from Galaxy and Coinbase
Blockchain analytics reveal that the company sourced 18,712 ETH from Galaxy Digital and an additional 14,180 ETH from Coinbase Prime. This split reflects the company’s disciplined approach to securing large volumes of ETH without dramatically disrupting market liquidity. Partnering with established institutional trading desks allowed the firm to quietly build its position while keeping slippage low and costs controlled.
Riding an Ethereum Rally
Ethereum has caught a powerful wave this week, surging nearly 8% to trade around $3,605 amid a broader crypto market upswing. SharpLink’s aggressive buying strategy dovetails with this momentum, suggesting confidence in further upside as upcoming upgrades aim to boost scalability and decentralization.
Investors appear to be rewarding SharpLink too: while its stock dipped slightly on the day, SBET shares have climbed over 96% in the past five days and nearly 374% since January.
What’s Next for SharpLink?
To fuel its crypto ambitions, the company updated its SEC prospectus Thursday, expanding the amount of stock eligible for sale from $1 billion to $6 billion. This dramatic increase could underwrite further Ethereum purchases or support new blockchain-related ventures.
As other corporations watch closely, SharpLink’s bold transformation may set a blueprint for integrating digital assets into balance sheets and redefine how public companies allocate capital in the age of Web3.
