SharpLink Gaming buys ETH for $525 million
SharpLink Gaming rapidly accumulates over $525 million in Ethereum
SharpLink Gaming has rapidly expanded its cryptocurrency portfolio, acquiring more than $525 million worth of Ethereum in less than a month, according to Arkham Intelligence data.
The iGaming and sports betting technology firm disclosed this week that it had purchased 198,167 ETH valued at around $517 million at an average price of $2,608 per ETH, reports Cryptopolitan.
Just a day later, the company executed another significant transaction, acquiring an additional 2,738 ETH via an over-the-counter deal for approximately $7.09 million. The aggressive buying spree highlights SharpLink’s strategic pivot toward digital assets as part of its growth strategy, reinforcing its belief in Ethereum’s long-term potential within the rapidly evolving financial ecosystem.
SharpLink’s portfolio heavily weighted in staked Ethereum
SharpLink’s Ethereum purchases have steadily grown since early June, following the successful closing of a major funding round. On June 13, the company executed its largest acquisition of 176,271 ETH for $463 million. It added another 12,207 ETH eleven days later, and most recently acquired 4,951 ETH for $12.4 million, bringing its total holdings to more than 202,000 ETH.
According to on-chain market tracker EmberCN, the company spent a cumulative $528 million on these assets at an average price of $2,606 per ETH. Although SharpLink currently faces an unrealized loss of nearly $23 million based on present market valuations, its crypto strategy appears focused on long-term gains. The majority of the company’s Ethereum is staked via Figment’s liquid staking service (lsETH), with smaller holdings in assets like CROAK, DAI, and BNB, while a minimal amount of ETH remains unstaked.
Institutional Ethereum buying trend gains momentum
SharpLink is not the only institutional player ramping up Ethereum exposure. Bit Digital, Inc. announced this week that it successfully closed a $162.9 million public offering, with all proceeds earmarked for Ethereum investments. The company issued 86.25 million shares and plans to hold ETH as its primary treasury asset. BitMine Immersion Technologies also entered the scene, appointing Fundstrat’s Tom Lee as Chairman of its Board of Directors and unveiling a $250 million private placement to support additional Ethereum accumulation.
Lee emphasized that the convergence of traditional finance and crypto is accelerating, particularly with the growing adoption of stablecoins, which he likened to “the ChatGPT of crypto” due to their viral popularity. BitMine also plans to introduce a performance metric tied to the value of Ethereum held per share, further aligning its corporate growth with Ethereum’s market performance.
Recently we wrote that Ethereum recorded its largest monthly accumulation on record in June, as strategic wallets added more than 6 million ETH in a show of growing long-term confidence.
