SharpLink Gaming buys more ETH than monthly issuance
SharpLink Gaming has deepened its Ethereum holdings with a massive acquisition of 77,210 ETH, valued at approximately $295 million.
This latest purchase surpasses Ethereum’s net issuance of 72,795 ETH over the past month, highlighting the growing supply pressure triggered by corporate demand, reports Cointelegraph.
SharpLink has staked a majority of the new ETH to earn network rewards, further signaling a long-term commitment to Ethereum’s ecosystem. According to Lookonchain, the company’s total ETH stash now stands at over 438,000 ETH, exceeding $1.69 billion in value. This solidifies SharpLink’s position as the second-largest corporate holder of Ether, trailing only BitMine Immersion Technologies.
Aggressive treasury strategy backed by fundraising and leadership hires
SharpLink’s crypto-forward treasury strategy is backed by a significant capital raise, with the company recently filing to expand its stock sale program from $1 billion to $6 billion. The bulk of these proceeds will go toward further ETH acquisitions, underlining its confidence in Ethereum’s long-term growth. On the leadership front, the firm appointed Joseph Chalom, a 20-year veteran from BlackRock, as co-CEO, tasked with executing SharpLink’s global strategy.
In May, the firm also named Joseph Lubin, CEO of Consensys, as the chairman of its board, adding further crypto-native credibility. These strategic moves are designed to scale SharpLink’s presence in the digital asset space while aligning traditional finance expertise with crypto-native leadership.
Ethereum faces mounting supply shock as corporate holdings surge
SharpLink’s aggressive ETH buying adds to an emerging supply crunch, with corporations and ETFs now holding 6.73% of Ethereum’s total supply—over 8.12 million ETH, valued above $31 billion. BitMine Immersion Technologies leads this trend, holding 566,000 ETH worth more than $2 billion, with ambitions to eventually control 5% of the total supply. Analysts warn that such large-scale accumulation could exacerbate Ethereum’s scarcity, potentially driving up prices as demand continues to outpace new issuance.
With both institutional and retail interest rising, Ethereum’s role as a treasury asset appears to be gaining broader acceptance. As SharpLink noted in a recent X post, “Banks close on weekends. Ethereum runs 24/7”—a sentiment echoing the growing appeal of crypto in corporate finance.
Recently we wrote that 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.
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