SharpLink Gaming ETH Holdings Exceed 270,000 After Weekend Buying Spree

TLDR

• SharpLink Gaming bought $48.85 million worth of Ethereum on Sunday, adding 16,374 ETH to its holdings
• The company also purchased $63.7 million in Ethereum on Friday, bringing total holdings to over 270,000 ETH
• SharpLink is now the second-largest corporate holder of Ethereum after the Ethereum Foundation
• The gaming firm pivoted to an Ethereum treasury strategy in May following a $425 million private placement
• Ethereum co-founder Joseph Lubin joined as chairman and is directing the company’s crypto strategy

SharpLink Gaming has acquired 16,374 ETH worth approximately $48.85 million on Sunday. The Nasdaq-listed company transferred the Ethereum from Galaxy Digital’s over-the-counter trading desk to its wallet, according to blockchain data from Arkham Intelligence.

This purchase follows a $63.7 million Ethereum acquisition on Friday when SharpLink bought 21,487 ETH. The Friday purchase included 10,000 ETH bought directly from the Ethereum Foundation for $25.7 million.

SharpLink’s aggressive buying continued throughout the weekend. On July 12, the company secured 14,693 ETH from Galaxy Digital for $43.89 million and another 6,804 ETH from Coinbase Prime for $20.37 million.

0/ Earlier this week, the EF finalized the terms of a 10,000 ETH sale at an average price of $2,572.37 via OTC.

For this sale, our OTC counterparty was @SharpLinkGaming.

— Ethereum Foundation (@ethereumfndn) July 11, 2025

The Minneapolis-based company now holds over 270,000 ETH valued at approximately $648 million. This makes SharpLink the second-largest corporate holder of Ethereum behind only the Ethereum Foundation itself.

Stock Performance and Market Response

SharpLink shares closed Friday at $21.65, up 17.5% for the day and 71% over the past week. Sunday trading on Blue ATS showed shares moving higher again, up 7.16% at $23.20.

Ethereum’s price has also responded positively, trading at $3,052, up 3% over the past 24 hours. The cryptocurrency recently reclaimed the $3,000 mark for the first time in five months.

The company’s stock rally comes as institutional interest in Ethereum grows. U.S. Ethereum exchange-traded funds recorded their largest single-day inflows at $383.1 million, according to Farside data.

Justin d’Anethan, head of sales at token vesting firm Liquifi, commented on the trend. “A lot of corporates are looking to copy the Strategy playbook because, as of now, it looks so successful,” he said.

Strategic Shift and Leadership Changes

SharpLink was originally founded as an affiliate marketing firm for gambling and sports betting sites. The company pivoted to an Ethereum treasury strategy in late May following a $425 million private placement led by Consensys.

This deal brought Ethereum co-founder and Consensys CEO Joseph Lubin on board as chairman of SharpLink. Under Lubin’s direction, the company now positions itself as both a treasury investor and ecosystem steward.

“This isn’t a trade—it is a commitment to our long-term vision,” Lubin said in a statement Friday. He described SharpLink as “acquiring, staking, and restaking Ethereum as responsible industry stewards.”

The company has staked all of its ETH holdings through the Hoppers DApp. This allows SharpLink to earn staking rewards while contributing to Ethereum’s security through Proof-of-Stake participation.

SharpLink is also preparing to adopt restaking strategies. This approach allows staked ETH to secure additional protocols and earn layered rewards.

The value of SharpLink’s Ethereum investment has already appreciated significantly. According to Arkham Intelligence, the company has gained $45 million in unrealized profits from its ETH holdings.

The Ethereum Foundation’s decision to sell ETH to SharpLink drew some criticism from the crypto community. Critics interpreted the move as a potential signal of declining confidence in Ethereum’s value.

Foundation contributor Binji Pande responded to these concerns. He called SharpLink “the MicroStrategy of Ethereum” and stressed that the sale was not a market dump but a strategic decision.

The Foundation explained that sales proceeds will support protocol research and development, ecosystem maintenance, and community grants. These activities are critical to Ethereum’s ongoing development.

Lubin emphasized that SharpLink’s purchases reflect long-term views rather than market timing. The company sees its strategy as a model for how mission-driven organizations can contribute to decentralization and protocol-driven finance.

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