SharpLink Gaming (SBET), the Nasdaq-listed online gaming marketing firm, has announced a significant milestone: it has become the largest corporate holder of Ethereum (ETH), surpassing even the Ethereum Foundation itself. As of Tuesday, July 15, 2025, SharpLink Gaming reported holding 280,706 ETH, valued at approximately $840 million at current prices. This strategic pivot to an Ethereum-centric treasury highlights a growing trend among public companies embracing digital assets.
Rapid Accumulation and Treasury Strategy
SharpLink Gaming’s ascent to the top of corporate ETH holdings has been remarkably swift. The firm raised $413 million through the issuance of over 24 million shares between July 7 and July 11, strategically deploying these funds to acquire Ethereum. Over the past week alone, SharpLink purchased a total of 74,656 ETH at an average price of $2,852 per coin. The company also stated that roughly $257 million from this fundraising round remains available for future ETH acquisitions, indicating a continued aggressive accumulation strategy.
This move follows SharpLink’s decision in May to adopt ETH as its primary treasury reserve asset. The company’s strategy, which parallels Michael Saylor’s strategy (formerly MicroStrategy) and its Bitcoin playbook, involves raising capital through traditional markets to acquire ETH. Crucially, SharpLink then stakes nearly all of its ETH holdings—99.7% as of July 13—to earn staking rewards. The firm has already earned 415 ETH, approximately $1.2 million at current prices, through staking since it launched its treasury pivot in June. Joseph Lubin, Ethereum co-founder and Consensys CEO, serves as chairman of SharpLink, further solidifying its ties to the Ethereum ecosystem.
Surpassing the Ethereum Foundation
The significance of SharpLink’s latest acquisition is underscored by its surpassing of the Ethereum Foundation as the largest corporate owner of ETH. The Ethereum Foundation, the non-profit organisation dedicated to supporting the Ethereum blockchain’s development, holds approximately $665 million in ETH, according to blockchain data by Arkham Intelligence. Notably, the Ethereum Foundation recently sold 10,000 ETH to SharpLink Gaming in an over-the-counter (OTC) deal, demonstrating a direct transaction between the foundational entity and the new corporate giant.
SharpLink’s shares (SBET) reacted positively to the news, trading 5% higher on Tuesday even as ETH experienced a modest slip to $2,990. The stock has seen a dramatic increase, rising roughly sixfold since the company announced its ETH treasury pivot several weeks ago. This surge in market capitalisation reflects strong investor confidence in SharpLink’s digital asset strategy. Other U.S.-listed firms, such as Tom Lee’s BitMine Immersion Technology (BMNR) and Bitcoin miner BIT Digital (BTBT), have also recently adopted similar ETH treasury strategies, signalling a broader industry trend towards accumulating and leveraging Ethereum as a core balance sheet asset.
