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The sports wagering platform SharpLink Gaming has acquired 176,271 Ether for $463 million, emerging as the largest publicly traded holder of ETH in the world.
In a Friday declaration, the Nasdaq-listed entity indicated that the Ether (ETH) purchase was financed through a blend of private placement and at-the-market equity transactions, which includes $79 million garnered since May 30. The average purchase price was approximately $2,626 for each coin.
The organization revealed that over 95% of its ETH is currently allocated in staking and liquid staking systems, generating yield while enhancing Ethereum’s network safety.
“This signifies a pivotal moment for SharpLink and public company involvement with digital assets,” stated Rob Phythian, CEO of SharpLink Gaming, noting that the company now considers ETH to be its “primary treasury reserve asset.”
“MicroStrategy of Ether”
SharpLink’s strategy resembles MicroStrategy’s Bitcoin (BTC) acquisition plan, but focuses on Ethereum, making it the inaugural public firm to embrace ETH as its main treasury reserve asset.
SharpLink (SBET) is the first company listed on Nasdaq to implement an ETH-based treasury framework, with the goal of providing shareholders “significant economic exposure to ETH,” as stated by the firm.
“SharpLink’s audacious ETH approach marks an essential milestone and innovative strategy for institutional engagement with Ethereum,” remarked SharpLink chairman and Ethereum co-founder Joseph Lubin in the announcement.
“By allocating considerable resources to ETH and applying it in network operations like staking, SharpLink is contributing to the long-term security and trust attributes of Ethereum while accruing additional ETH for that effort,” he further explained.
Who possesses more Ethereum than SharpLink?
Although SharpLink has established itself as the largest publicly traded Ether holder globally, there are still some entities with greater ETH reserves.
According to Arkham data, the Ethereum Foundation presently holds 214,129 ETH ($594 million) in its treasury.
Some cryptocurrency exchange-traded funds (ETFs) providers like BlackRock also retain a considerably larger quantity of Ether, albeit on behalf of clients. According to BlackRock data, the iShares Ethereum Trust ETF possessed approximately 1.7 million ETH as of Thursday, valued at around $4.5 billion.
Controversy surrounding SharpLink’s ETH approach
SharpLink’s ETH strategy has encountered some controversy. The company’s share price soared over 400% following its May 27 ETH treasury announcement, as reported by Cointelegraph.
After the announcement of an S‑3 SEC filing earlier this week, shares dropped by around 73% in after‑hours trading on Thursday, falling from $32.53 to below $8 before partly recovering, according to Google Finance. The abrupt sell-off was triggered by a misunderstanding: The filing permitted the potential resale of nearly 58.7 million shares from PIPE contributors; it did not indicate an actual sale.
Related: Staked Ethereum reaches all-time high as ETH surpasses $2.7K
SharpLink chairman Lubin clarified that this was a standard regulatory process, not insider selling.
The acquisition aligns with a wider trend in corporate crypto treasury integration, resonating with Digital Strategies’ notable Bitcoin methodology, yet positioning Ether at the focal point of digital asset reserves.
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