SharpLink Gaming has added another major Ethereum purchase to its books, acquiring 21,959 ETH valued at approximately $85.46 million. The buy, completed within a span of four hours, was identified by on-chain analytics platform Lookonchain and brings the company’s total Ethereum reserves to 543,898 ETH — currently worth around $2.12 billion.
The Minneapolis-based company, listed on Nasdaq, has been aggressively accumulating Ethereum since pivoting its corporate treasury strategy in May 2025. This latest acquisition comes just one day after SharpLink completed a $200 million capital raise, which insiders said was intended to help push its Ethereum holdings past the $2 billion mark.
The firm’s rapid ETH accumulation has drawn comparisons to MicroStrategy’s well-known Bitcoin investment strategy. But rather than Bitcoin, SharpLink is focused squarely on Ethereum, making it one of the few publicly traded companies placing such a heavy bet on the Ethereum ecosystem.
Ethereum Staking Yields and Strategic Treasury Planning
One standout aspect of SharpLink’s strategy is its approach to staking. According to company disclosures, over 95% of its ETH holdings have already been staked. This means the firm is not only holding Ethereum but also earning passive income through staking rewards — all while contributing to Ethereum’s network security and decentralization.
The company’s chairman, Joseph Lubin, is a key figure in the Ethereum world. As the co-founder of Ethereum and CEO of Consensys, his leadership has strongly influenced the firm’s ETH-first direction. Under his guidance, SharpLink has transitioned from a more traditional sports gaming and media technology provider to a crypto-treasury powerhouse with a clear focus on Ethereum as a long-term asset.
SharpLink Climbs Ethereum Holder Rankings
With this latest acquisition, SharpLink now ranks as the second-largest public holder of Ethereum, just behind BitMine Immersion Technologies. The rapid climb up the leaderboard underscores the firm’s belief in Ethereum’s long-term potential — not just as a blockchain platform, but as a core financial asset.
While many traditional companies are still cautious when it comes to digital assets, SharpLink’s bold approach stands out. By tying up a large portion of its capital in ETH and staking most of it, the company is betting that Ethereum’s role in global finance, decentralized applications, and smart contracts will only expand in the coming years.
SharpLink’s Ethereum Strategy Mirrors Broader Institutional Interest
SharpLink’s moves come amid a broader wave of institutional interest in Ethereum. With the rise of real-world asset tokenization, Ethereum-based DeFi protocols, and discussions about potential ETH ETFs gaining momentum, ETH is increasingly being viewed as a strategic corporate asset — not just a speculative tool.
For SharpLink, the timing appears calculated. The company began its ETH accumulation strategy shortly after Ethereum’s transition to proof-of-stake and has taken full advantage of staking yields. Analysts say this provides the firm with a dual benefit: appreciation potential from ETH’s market value and consistent income through staking.
What’s Next for SharpLink and Ethereum?
Though the crypto market remains volatile, SharpLink’s long-term positioning suggests it’s playing a different game. Rather than timing the market, the company seems committed to a dollar-cost averaging approach, regularly purchasing large ETH tranches and locking them into staking.
With over $2 billion now tied to Ethereum, SharpLink is likely to continue drawing attention from both traditional investors and crypto-native observers. Whether its strategy pays off in the long term will depend on Ethereum’s continued evolution — including scalability upgrades, ecosystem development, and mainstream adoption.
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