TLDR
- SharpLink Gaming now holds 270,000 ETH, overtaking the Ethereum Foundation as the largest known ETH holder.
- SharpLink acquired 60,582 ETH in five days, investing over $180 million during its latest accumulation phase.
- SharpLink’s ETH investment is up $81.8 million in unrealized gains, with an average buy price of $2,667 per ETH.
- Ethereum ETFs recorded $900 million in inflows last week, marking their strongest performance since mid-2024 launch.
SharpLink Gaming, a Nasdaq-listed company, has overtaken the Ethereum Foundation to become the largest holder of Ethereum (ETH). The firm now controls 270,000 ETH, surpassing the foundation’s long-held position. This development follows a series of large-scale acquisitions carried out over the last few days.
The company’s ETH strategy has resulted in over $81 million in unrealized profits as Ethereum’s price crossed $3,000. SharpLink’s increasing involvement in Ethereum is seen as part of a broader move by institutions to strengthen blockchain exposure and treasury holdings.
SharpLink Acquires Over 60,000 ETH in Five Days
Over the past five days, SharpLink Gaming accumulated more than 60,582 ETH. These purchases were made at an average price of $2,667 per coin. The company invested around $180 million during this period. On July 13, SharpLink added 16,374 ETH in a 24-hour span, spending an additional $50 million.
Blockchain data from Analyst EmberCN confirms the company’s total holdings have reached 270,000 ETH. Many of these transactions occurred through over-the-counter (OTC) deals to avoid large price fluctuations. One of these included the purchase of 10,000 ETH from the Ethereum Foundation itself.
SharpLink began acquiring ETH aggressively in early June. Since then, it has expanded its digital asset reserves through multiple large-scale transactions involving major crypto platforms and firms.
Ethereum Foundation Confirms Sale, Cites Strategic Funding Goals
SharpLink’s rise as the top ETH holder comes after the Ethereum Foundation sold 10,000 ETH to the company. The sale was completed through a private transaction. Following this, SharpLink also purchased 21,487 ETH in two separate deals with Galaxy Digital and Coinbase Prime.
The Ethereum Foundation confirmed that the sale was aimed at raising funds for continued protocol development. A spokesperson stated,
“The sale was part of a planned funding strategy to support ongoing research and ecosystem growth.”
These transactions received mixed reactions from the crypto community. While some questioned the timing, others viewed it as a regular treasury management move by the foundation.
Ethereum Price Climbs Amid Institutional Interest
Ethereum has seen an 18% price rise in the past week, surpassing the $3,000 level. This increase was supported by strong institutional demand. Trading volume has also grown, reaching $25 billion in daily activity.
Ethereum ETFs recorded inflows of $900 million last week, marking the highest weekly figure since their launch in mid-2024. Eric Jackson, founder of EMJ Capital, said, “Staking for Ether ETFs will likely arrive before October this year.”
This environment has supported companies like SharpLink in their strategic buying. The firm’s ETH stockpile has grown fivefold in value since initial purchases. Its treasury move is being watched closely by other firms in the crypto and finance sectors.
SharpLink Integrates ETH into Its Treasury and Network Participation
SharpLink Gaming has integrated its ETH holdings into Ethereum’s staking ecosystem. All of the company’s ETH is escrowed into the Hoppers decentralized application. This allows it to contribute to the network’s security through Proof-of-Stake validation.
The company is also exploring advanced staking strategies like restaking. This method enables staked ETH to secure additional blockchain protocols and earn further rewards.
Chairman Joseph Lubin, who is also an Ethereum co-founder, described the move as part of a long-term plan. He said,
“We see Ethereum as a core part of building the next generation of digital finance and shared value systems.”
As of now, SharpLink is the only publicly listed firm with this level of exposure to Ethereum, surpassing even the foundation behind the network in total holdings.
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