{"id":13049,"date":"2025-06-13T16:32:50","date_gmt":"2025-06-13T14:32:50","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=13049"},"modified":"2025-06-13T16:32:50","modified_gmt":"2025-06-13T14:32:50","slug":"sharplink-acquires-176000-ether-for-463-million","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/13\/sharplink-acquires-176000-ether-for-463-million\/","title":{"rendered":"SharpLink Acquires 176,000 Ether for $463 Million"},"content":{"rendered":"

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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.<\/p>\n

In a Friday declaration<\/a>, the Nasdaq-listed entity indicated that the Ether (ETH<\/a>) purchase was financed through a blend of private placement and at-the-market equity transactions, which includes $79 million garnered since May 30<\/a>. The average purchase price was approximately $2,626 for each coin.<\/p>\n

The organization revealed that over 95% of its ETH is currently allocated in staking and liquid staking systems<\/a>, generating yield while enhancing Ethereum\u2019s network safety.<\/p>\n

\u201cThis signifies a pivotal moment for SharpLink and public company involvement with digital assets,\u201d stated Rob Phythian, CEO of SharpLink Gaming, noting that the company now considers ETH to be its \u201cprimary treasury reserve asset.\u201d<\/p>\n

\u201cMicroStrategy of Ether\u201d<\/h2>\n

SharpLink\u2019s strategy resembles MicroStrategy\u2019s Bitcoin (BTC<\/a>) acquisition plan, but focuses on Ethereum, making it the inaugural public firm to embrace ETH as its main treasury reserve asset.<\/p>\n

SharpLink (SBET) is the first company listed on Nasdaq to implement an ETH-based treasury framework, with the goal of providing shareholders \u201csignificant economic exposure to ETH,\u201d as stated by the firm.<\/p>\n

\u201cSharpLink\u2019s audacious ETH approach marks an essential milestone and innovative strategy for institutional engagement with Ethereum,\u201d remarked SharpLink chairman and Ethereum co-founder Joseph Lubin in the announcement.<\/p>\n

\u201cBy 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,\u201d he further explained.<\/p>\n

Who possesses more Ethereum than SharpLink?<\/h2>\n

Although SharpLink has established itself as the largest publicly traded Ether holder globally, there are still some entities with greater ETH reserves.<\/p>\n

According<\/a> to Arkham data, the Ethereum Foundation presently holds 214,129 ETH ($594 million) in its treasury.<\/p>\n

Crypto assets held by the Ethereum Foundation as of June 13, 2025. Source: Arkham<\/em><\/figcaption><\/figure>\n

Some cryptocurrency exchange-traded funds (ETFs) providers like BlackRock also retain a considerably larger quantity of Ether, albeit on behalf of clients. According<\/a> to BlackRock data, the iShares Ethereum Trust ETF possessed approximately 1.7 million ETH as of Thursday, valued at around $4.5 billion.<\/p>\n

Controversy surrounding SharpLink\u2019s ETH approach<\/h2>\n

SharpLink\u2019s ETH strategy has encountered some controversy. The company\u2019s share price soared over 400%<\/a> following its May 27 ETH treasury announcement, as reported by Cointelegraph.<\/p>\n

After the announcement of an S\u20113 SEC filing earlier this week, shares dropped by around 73% in after\u2011hours trading<\/a> on Thursday, falling from $32.53 to below $8 before partly recovering, according<\/a> to Google Finance. The abrupt sell-off was triggered by a misunderstanding: The filing<\/a> permitted the potential resale of nearly 58.7 million shares from PIPE contributors; it did not indicate an actual sale.<\/p>\n

Related: <\/strong><\/em>Staked Ethereum reaches all-time high as ETH surpasses $2.7K<\/strong><\/em><\/a><\/p>\n

SharpLink chairman Lubin clarified that this was a standard regulatory process, not insider selling.<\/p>\n

Source: <\/em>Joseph Lubin<\/em><\/a><\/figcaption><\/figure>\n

The acquisition aligns with a wider trend in corporate crypto treasury integration<\/a>, resonating with Digital Strategies\u2019 notable Bitcoin methodology, yet positioning Ether at the focal point of digital asset reserves.<\/p>\n

Magazine: <\/strong><\/em>China threatened by US stablecoins, G7 urged to address Lazarus Group: Asia Express<\/strong><\/em><\/a><\/p>\n