SharpLink Gaming Buys $463M in ETH, Becomes Largest Public ETH Holder
SharpLink Gaming has emerged as the world’s largest publicly traded holder of Ethereum (ETH), after acquiring 176,271 ETH for $463 million.
Key Takeaways:
- SharpLink Gaming acquired 176,271 ETH for $463 million, becoming the largest public holder of Ethereum.
- Over 95% of its ETH is staked to generate yield and support Ethereum’s network infrastructure.
- The company’s stock saw extreme volatility following regulatory confusion over an SEC filing.
The Nasdaq-listed sports betting firm announced the purchase Friday, stating it funded the acquisition through a combination of private placement and at-the-market equity sales.
Since May 30, the company has raised $79 million to support the buy, with an average purchase price of $2,626 per coin.
SharpLink Stakes 95% of ETH Holdings to Boost Yield and Secure Ethereum Network
More than 95% of the firm’s ETH holdings are now deployed in staking and liquid staking platforms, both to generate yield and support Ethereum’s network security.
CEO Rob Phythian called the move a “landmark moment” for both the company and the broader trend of digital asset adoption in public markets.
“We now treat ETH as our primary treasury reserve asset,” he said.
SharpLink becomes the first Nasdaq-listed company to adopt an ETH-focused treasury model, echoing Strategy’s approach to Bitcoin.
Ethereum co-founder and SharpLink chairman Joseph Lubin said the move reflects a strategic evolution in institutional Ethereum adoption.
“By allocating capital to ETH and participating in network activity, SharpLink contributes to Ethereum’s long-term trust and earns additional ETH in return,” Lubin stated.
Despite its leading position among public firms, SharpLink’s holdings are still smaller than those of the Ethereum Foundation, which holds over 214,000 ETH, and BlackRock’s iShares Ethereum Trust, which manages approximately 1.7 million ETH on behalf of clients.
The move hasn’t been without turbulence. SharpLink’s stock surged over 400% after its May 27 announcement, but fell sharply this week after confusion over an SEC S-3 filing.
The stock plunged by roughly 73% in after-hours trading on Thursday, before recovering partially.
The drop followed a mistaken belief that insiders were dumping shares, when in fact the filing merely enabled the potential resale of shares by PIPE participants.
Lubin clarified that it was a routine regulatory step, not an insider selloff.
ETH Holds $2,520 Support as Momentum Remains Cautious
Ethereum is trading at $2,523 at the time of writing, following a recent pullback from highs near $2,860.
The 2-hour chart shows bearish momentum, with price touching the lower Bollinger Band and RSI hovering at 33.62, indicating weak buying interest and potential continuation to the downside if $2,433 support fails.
On the 30-minute chart, ETH is attempting to stabilize. The RSI has recovered to 44.05, while MACD shows early signs of bullish crossover, suggesting short-term relief.
Bollinger Bands are tightening around the $2,500–$2,560 range, signaling reduced volatility and a potential breakout setup.
Zooming into the 1-minute chart, momentum is improving. RSI has bounced to 51.82 and MACD has crossed into positive territory.
However, trading volume remains light, implying that any upside move may lack conviction unless supported by broader market catalysts.
Key resistance lies at $2,646 and $2,700, with immediate support at $2,497.
A clear move above $2,560 could open the path toward a retest of $2,600, but failure to hold above current levels risks further downside toward $2,430.
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