SharpLink Gaming, a company known for its sports betting tech solutions, is doubling down on Ethereum. After purchasing $30 million worth of Ether (ETH) last week, the company’s stock jumped over 7% on Tuesday, reflecting growing investor interest in its aggressive crypto strategy.
With this move, SharpLink has increased its total Ethereum holdings to a massive 188,000 ETH, now worth around $457.4 million, solidifying its position as the publicly traded company with the largest Ethereum reserve in the world.
$30M Ethereum Purchase Fuels Rally
SharpLink disclosed on Tuesday that it had purchased 12,207 ETH during the week ending June 20, paying an average price of $2,513 per token. The purchase was funded by a recent sale of 2.54 million shares, raising $27.7 million, most of which went straight into the ETH buy.
The stock responded positively to the news, with SharpLink shares (SBET) closing at $9.66, up 7% on the day. After-hours trading added another 1.14%, pushing the price to $9.77, according to Google Finance.
Despite this recent rally, the stock is still down over 87% from its May 29 high of $79.21, showing that investor sentiment remains volatile despite growing crypto assets on the company’s balance sheet.
Staking Strategy Adds Passive Income
SharpLink isn’t just buying and holding ETH—it’s also staking its assets. According to the company, all 188,000 ETH have been staked, which has already generated 120 ETH worth approximately $293,000 in rewards.
Staking allows Ethereum holders to earn passive income by securing the network. For SharpLink, this move adds an income-generating layer to its crypto portfolio and supports its long-term value creation strategy.
In a statement, Board Chairman Joseph Lubin—who also happens to be a co-founder of Ethereum—said that increasing ETH exposure would benefit shareholders:
“Expanding our Ethereum holdings is a strategy aimed at creating long-term value for our stockholders.”
Lubin joined SharpLink as board chair in May after the company raised $425 million to kickstart its ETH buying strategy.
Largest ETH Holder Among Public Companies
SharpLink made headlines on June 13 after it purchased $463 million worth of ETH, officially becoming the largest Ethereum-holding public company.
This bold move has positioned the company at the forefront of institutional crypto adoption. While other firms like MicroStrategy are known for their massive Bitcoin holdings, SharpLink is betting big on Ethereum, signaling a strategic divergence in digital asset preference.
Institutional Demand for Ethereum Keeps Rising
SharpLink’s strategy comes amid a wider wave of institutional interest in Ethereum. In recent weeks, major crypto holders (also known as whales) have initiated large leveraged long positions on ETH despite global market volatility.
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On Monday, one whale placed a $101 million long bet on Ethereum with 25x leverage, betting heavily on ETH’s future growth.
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On Sunday, another major player added $39 million in ETH, bringing their total Ethereum holdings to over $300 million.
This kind of institutional activity suggests that SharpLink’s bet is not isolated—many sophisticated investors are turning to Ethereum as a core digital asset.
Additionally, over 35 million ETH—about 28% of the total supply—has now been locked in staking contracts, further reducing liquid supply and potentially strengthening the asset’s price floor.
Financial Concerns Remain Despite Crypto Surge
While the crypto investment has generated excitement, not everything is smooth sailing for SharpLink. In its latest quarterly earnings report, the company revealed:
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24% decline in net revenue year-over-year
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A 110% drop in net profit margin, signaling rising operational costs or lower profitability
These numbers raise concerns about the company’s core business performance, and whether the heavy pivot to crypto could be a distraction from underlying weaknesses.
Still, some investors may view the ETH accumulation as a strategic hedge—a way to balance short-term financial strain with long-term digital asset exposure.
Final Thoughts
SharpLink Gaming’s aggressive Ethereum investment is a bold and risky move that’s turning heads on Wall Street and in the crypto world. With $457 million in ETH now locked and staked, the company is clearly positioning itself as a long-term believer in Ethereum’s potential.
For investors, the stock’s recent rally might be just the beginning—or a brief reaction to a high-stakes crypto gamble. Either way, SharpLink is now a company to watch closely in the evolving intersection of sports betting, crypto, and blockchain finance.
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