, overtaking the Ethereum Foundation’s holdings.){kind=link}
Nasdaq‑listed SharpLink Gaming, backed by Ethereum co‑founder Joseph Lubin, bought 77,210 ETH worth about $295 million, extending its strategy of building a massive ETH reserve.
The purchase was reported by on‑chain analytics firm Lookonchain, which cited Arkham data. SharpLink now holds roughly 438,017 ETH, valued at $1.7 billion at current prices.
SharpLink Boosts Ethereum Holdings
SharpLink Gaming, trading under the ticker SBET, has steadily increased its Ethereum position over recent months. With the latest buy, the company’s ETH treasury now surpasses that of the Ethereum Foundation.
Also Read: SharpLink Gaming Announces $1 Billion Fundraising Plan to Significantly Expand Its Ethereum Holdings
The acquisitions have been made in calculated batches to avoid large market swings. According to Lookonchain, the fresh 77,210 ETH purchase reflects SharpLink’s long‑term belief in Ethereum’s growth potential and readiness to deploy capital in anticipation of future network upgrades.
New Leadership Joins the Firm
Last week, SharpLink announced that Joseph Chalom, a former BlackRock executive, would join as co‑CEO. Lubin described Chalom’s move as a strong endorsement of the firm’s Ethereum reserve approach.
Chalom brings years of asset‑management experience and will oversee treasury strategy alongside Lubin. His arrival signals a blend of crypto vision and traditional finance expertise at SharpLink’s helm.
ETH’s Price Actions and Market Metrics
SharpLink’s stock closed at $21.99 on Friday, down 5.7% for the day according to Yahoo Finance. Despite that drop, SBET shares have climbed 113.9% over the past month and 186.3% since the start of the year.
Ethereum itself traded at $3,888.85 at press time, up 3.3% in the last 24 hours. The global crypto market cap stands at $470.41 billion, with trading volume up by 41% in a single day.
SharpLink’s continually increasing Ethereum stack indicates a change of institutional sentiment towards digital tokens. With more ETH in its pile than the network itself has in its foundation, the firm demonstrates Ethereum’s popularity as an investment and as a treasury reserve.
For the traditional finance sector, the gesture implies that listed equities are accepting of carrying volatile tokens on their books. That trend may increase wider adoption of crypto into corporate treasury management.
What does this mean for Crypto?
SharpLink’s purchases may affect market liquidity and price dynamics. Large block orders can tighten available supply on exchanges. If other firms follow suit, Ethereum’s free float could shrink further, potentially driving higher volatility and price appreciation.
As Ethereum use continues to expand, SharpLink’s move can lead other publicly traded companies to look at digital tokens for the storage of long-term value.
This historic transaction not only redefines corporate treasury standards but indicates a more mature market in which crypto and conventional finance continue to overlap.