In a move set to reverberate across the digital asset landscape, SharpLink Gaming, already a formidable player in the corporate Ethereum(ETH) arena, has significantly expanded its holdings with a colossal acquisition. The company recently purchased 77,210 ETH, an investment valued at $295 million, signaling an accelerated commitment to its crypto treasury strategy.
This latest single transaction by SharpLink is particularly noteworthy as it surpasses the entire net issuance of Ether over the past 30 days, which stood at 72,795 ETH, according to data from Ultra Sound Money. A substantial portion of this newly acquired Ether has been strategically staked, allowing the firm to earn passive rewards and further monetize its digital assets.
Following this significant purchase, SharpLink’s total Ether reserves now exceed 438,000 ETH, with an estimated value of more than $1,69 billion, as reported by Lookonchain. This cements its position as the second-largest corporate holder of Ether globally, trailing only Bitmine Immersion Tech, which boasts over $2 billion in ETH holdings. The company underscored its conviction in the digital asset’s 24/7 operational capability, quipping in a recent X post, “Banks close on weekends. Ethereum runs 24/7.”
SharpLink’s aggressive accumulation strategy appears poised to continue. On July 18, it was reported that the company filed an amended prospectus with regulators, seeking to dramatically increase its stock sale from $1 billion to $6 billion. The primary objective for the majority of these proceeds is the acquisition of more Ether, highlighting a long-term vision rooted in the cryptocurrency.
Beyond its financial maneuvers, SharpLink is also bolstering its leadership with top-tier talent. Last Friday, the firm announced the appointment of Joseph Chalom, a veteran of BlackRock with two decades of experience, as its new co-CEO. Chalom is tasked with steering the company’s global strategy. This follows the earlier nomination in May of Consensys CEO Joseph Lubin as Chairman of its board of directors, reinforcing a formidable leadership team with deep roots in both traditional finance and the blockchain ecosystem.
Such large-scale corporate and institutional ETH purchases, including those made through exchange-traded funds (ETFs), are increasingly creating a phenomenon known as an “Ether supply shock.” This occurs when demand significantly outstrips the supply of newly minted Ether entering circulation, theoretically pushing up the asset’s price. BitMine Immersion Technologies, for instance, has publicly stated its holdings of over 566,000 ETH, valued at more than $2 billion, and harbors an ambitious plan to accumulate at least 5% of Ether’s total supply—equating to 6 million Ether, worth over $23 billion at current valuations.
Collectively, corporations and ETFs now hold 8,12 million Ether, representing 6,73% of ETH’s total supply, valued at over $31 billion, according to Strategic ETH Reserve. SharpLink’s latest move underscores a growing trend of major corporations diversifying their treasuries with digital assets, fundamentally reshaping the market dynamics for Ethereum and signaling a new era of institutional adoption.
