SharpLink Gaming Buys $295 Million in Ethereum

Ethereum Collection Plan

SharpLink Gaming, a Nasdaq-listed company with the ticker SBET, has made a notable transaction, purchasing an additional 77,210 ETH for $295 million. This brings the company’s total Ethereum (ETH) holdings to over 438,000 ETH. On-chain analysts have confirmed the move, bringing SharpLink’s crypto holdings to around $1.7 billion at the current ETH price of $3,820. This cements SharpLink’s position as one of the world’s largest ETH holders, second only to Bitmine Immer.

According to data collected from blockchain analytics platforms such as Nansen and Etherscan, the transaction was made on Sunday evening, July 27, 2025. SharpLink remains committed to building a crypto treasury, despite being known for its ETH accumulation strategy since early 2025. ETH's price has increased by 12% over the past week, peaking at $3,850 on July 26, 2025. This shows a strong bullish trend in the crypto market following accumulation moves from large institutions.

In addition to the purchase, SharpLink has deployed the majority of the new ETH into staking on the Ethereum network, taking in about 3.8% of its annual transaction validation profits. The move was supported by the appointment of Joseph Chalom, a former BlackRock executive who was appointed last week, as well as Joseph Lubin, a co-founder of Ethereum and now chairman of the SharpLink board. Both emphasized that the approach is not only to hold ETH as a reserve asset but also to promote its development through staking, decentralized lending, and investing in emerging Ethereum projects. The

$295 million worth of transactions were made across major exchanges such as Kraken and Coinbase, and the purchase lots were spread out over 48 hours to avoid causing large price swings. In June 2025, a $400 million private funding round was raised, as well as profits from SharpLink’s core business—providing technology and data solutions for the sports betting industry. According to on-chain analysts, SharpLink transferred 60% of the new ETH to Lido Finance’s staking contracts. The rest was kept in cold wallets to prevent hacks.

Market reaction

Similar to what MicroStrategy did with Bitcoin, this event represents a trend of public companies moving to accumulate ETH. SharpLink’s move could reduce the circulating supply, leading to long-term upward price pressure, as institutions and ETFs now hold more than 6.73% of the total ETH supply. The value locked (TVL) has increased by 15% over the past month, which is especially important as Ethereum continues to lead the way in DeFi.

This strategy not only increases the value of the asset, but also allows SharpLink to partner with DeFi and NFT projects, leveraging Joseph Lubin’s knowledge of building the Ethereum ecosystem. However, shareholders are pressuring the company as they expect quick profits, as SBET stock has increased by 45% over the past month but is still 20% below its 2024 peak.

Conclude

While the company has yet to make an official statement regarding what will happen in the future, insider sources say that SharpLink could reach the 500,000 ETH mark by the end of 2025, with the goal of becoming the world's largest ETH holder. Not only is this financial news, but it is also a milestone in cryptocurrency adoption. This could inspire companies like Bit Digital or Tesla to join in accumulating ETH.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.