SharpLink Becomes the Largest Corporate Holder of ETH, Surpassing the Ethereum Foundation

A Nasdaq-listed gaming company has made waves in the cryptocurrency world by surpassing even the Ethereum Foundation in total Ethereum (ETH) holdings. SharpLink Gaming (SBET) has amassed an impressive stash of over 280,000 ETH, now valued at nearly $900 million, establishing itself as the largest corporate ETH holder globally.

Bold Bet on Ethereum

In an official announcement, SharpLink disclosed its aggressive acquisition strategy, revealing that between July 7 and July 13, the company purchased a whopping 74,656 ETH for approximately $213 million, at a weighted average price of $2,852 each. This strategic move propelled its overall ETH holdings to 280,706, bringing their value to around $881 million at current rates and overtaking the Ethereum Foundation, which holds about 196,354 ETH, worth roughly $617.77 million according to Arkham’s data.

The Minneapolis-based company hasn’t halted its ETH accumulation. On the contrary, recent reports from the blockchain analytics platform Lookonchain indicate that SharpLink acquired an additional 6,377 ETH, raising their total purchases in just one week to 91,330 ETH, which cost about $275 million.

Most of SharpLink’s Ethereum stash is currently staked, yielding more than 415 ETH—equivalent to approximately $1.3 million—since the firm initiated this strategy in early June. They’ve even introduced an innovative “ETH Concentration” metric, which assesses the total ETH held against 1,000 assumed diluted shares outstanding. This metric indicates a 23% increase from a prior ratio of 2.00 to 2.46 ETH since mid-June, showcasing a rapidly growing ETH exposure per share.

From July 7 to July 11, SharpLink also raised an impressive $413 million through its at-the-market (ATM) equity program. Out of this capital, the company has utilized $156 million, with an additional $257 million earmarked for future acquisitions, further solidifying its commitment to Ethereum.

Market Impact

Originally founded as an innovator in iGaming and sports betting, SharpLink’s unprecedented accumulation of Ethereum has coincided with a significant surge in its share value. According to data from Google Finance, SBET shares skyrocketed by 21.31% during regular trading hours, closing at $28.97. The momentum continued into after-hours trading, where shares climbed an additional 11.32%, reaching $32.25.

Meanwhile, Ethereum itself was trading at $3,140 at the time of writing, reflecting an impressive 5.8% gain in the past 24 hours. Over the week, ETH has surged by 20.7%, significantly outpacing Bitcoin (BTC). Despite Bitcoin’s recent achievement of a new all-time high, it only registered a modest 8.3% increase in the same timeframe. Both cryptocurrencies have outperformed the broader crypto market, which saw a 7.5% gain during the last week.

Ethereum’s momentum is not just a flash in the pan. It has also demonstrated remarkable improvement over longer periods, experiencing a 28.8% rise over the last two weeks and a 22.0% increase over the past month. This remarkable recovery has seen ETH position itself just 9.3% below its value from 12 months ago, marking a significant turnaround in its performance.