Nasdaq-listed SharpLink Gaming (SBET) has taken another major step in its aggressive Ethereum acquisition strategy, purchasing 24,371 ETH worth approximately $73.25 million via Coinbase Prime on Monday, according to Arkham Intelligence.
The latest purchase brings SharpLink’s total Ethereum acquisitions to 62,232 ETH in just four days, valued at around $186.4 million at current market prices. The accelerated buying spree is seen as a strong signal of institutional conviction in the long-term potential of Ethereum (ETH) amid the ongoing crypto bull market.
Breakdown of Recent ETH Purchases
Arkham’s on-chain data indicates that the ETH acquired on Monday was transferred from a Coinbase Prime hot wallet to an address associated with SharpLink Gaming. That same address has shown high activity in recent days, including deposits and transactions involving ETH, Shiba Inu (SHIB), and Uniswap (UNI).
SharpLink’s three major ETH acquisitions include:
These acquisitions reflect SharpLink’s increased exposure to Ethereum at a time when ETH’s price briefly crossed $3,000 for the first time since February 1.
SharpLink’s Ethereum Strategy Tied to Major Backing
Originally a Minneapolis-based affiliate marketing and iGaming software company, SharpLink transitioned into the crypto space earlier this year. In late May, the company started its Ethereum treasury initiative alongside a $425 million private placement spearheaded by ConsenSys, the Ethereum infrastructure firm led by Joseph Lubin, co-founder of Ethereum.
Lubin has since assumed the role of chairman of SharpLink, signaling deeper alignment between the company and the broader Ethereum ecosystem.
According to EmberCN, SharpLink has now accumulated approximately 294,000 ETH, making it one of the most aggressive Ethereum holders among public companies. The firm has also staked 74,464 ETH, potentially generating yield through Ethereum’s proof-of-stake consensus mechanism.
ETH Price Trends and Market Sentiment
At the time of writing, Ethereum is trading around $2,970, up 0.9% in the past 24 hours, according to The Block’s Ethereum price data. While ETH briefly surged above $3,000 on Monday, it has struggled to hold the psychological resistance level amid broader market volatility.
Still, investor sentiment around Ethereum remains bullish, especially with growing institutional participation. SharpLink’s continued purchases align with a broader trend of corporate treasuries adding digital assets to their balance sheets.
SharpLink Stock Rises on Crypto Exposure
SharpLink Gaming’s stock (NASDAQ: SBET) has also reacted positively to its Ethereum strategy. The stock closed at $23.88 on Monday, a gain of 10.3% on the day and up 78% in the past month, based on Google Finance data.
Analysts suggest that investor enthusiasm over SharpLink’s crypto positioning—backed by ConsenSys and active ETH acquisitions—is fueling stock momentum. If Ethereum’s rally continues and the company’s holdings appreciate, SharpLink’s treasury model may become a blueprint for other tech firms exploring digital asset exposure.
What’s Next for SharpLink and Ethereum?
While SharpLink has not issued an official statement confirming Monday’s ETH acquisition, the on-chain data from Arkham appears to validate the transactions. The firm’s total ETH holdings now place it among the largest Ethereum corporate holders globally, reinforcing its shift toward crypto-focused business models.
Looking ahead, investors will be watching whether:
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SharpLink continues adding to its Ethereum position.
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It diversifies into other crypto assets like Bitcoin or Layer 2 tokens.
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Other Nasdaq-listed firms follow suit amid rising digital asset valuations.
Conclusion
SharpLink Gaming’s $73 million Ethereum purchase is more than a headline—it’s a statement of intent. Backed by ConsenSys and guided by Ethereum co-founder Joseph Lubin, SharpLink is positioning itself at the forefront of institutional Ethereum adoption. With nearly 300,000 ETH now in its treasury, the company could become a bellwether for how public firms integrate crypto into their core strategy during the 2025 bull cycle.
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