SharpLink Bets Big on Ethereum, Becomes Largest Public ETH Holder with $463M Investment
SharpLink Gaming, Inc. (SBET) has made a decisive move in the world of digital assets, announcing the acquisition of 176,271 Ethereum tokens for a total of approximately $463 million. This strategic purchase makes SharpLink the largest publicly traded holder of ETH worldwide, trailing only the Ethereum Foundation in total holdings.
The company paid an average of $2,626 per ETH, inclusive of fees and expenses. The acquisition was primarily funded through two key channels: an initial private investment in public equity (PIPE) deal executed in late May 2025 and approximately $79 million raised through SharpLink’s at-the-market (ATM) equity program between May 30 and June 12, 2025. A majority of the capital raised via the ATM was directed toward additional ETH purchases, a decision that has already generated an 11.8 percent increase in ETH per share since June 2.
As of June 13, over 95 percent of SharpLink’s Ethereum holdings are deployed in staking and liquid staking mechanisms. This strategy not only supports the Ethereum network’s security infrastructure but also enables the company to earn native yield on its digital assets.
SharpLink’s approach represents a new frontier in corporate treasury strategy. It is the first company listed on the Nasdaq to formally adopt Ethereum as its primary treasury reserve asset. This bold step comes at a time when the United States Congress is actively considering legislation related to stablecoins and digital asset market structures.
Beyond its treasury innovation, SharpLink operates a performance-based affiliate marketing network known as PAS.net, connecting sportsbooks and online casino operators with qualified players across both U.S. regulated and international markets. The company also owns and manages a collection of state-specific marketing websites designed to funnel localized betting and gaming traffic to licensed operator partners.
