SharpLink Gaming Becomes Top Public Ethereum Holder

Nasdaq-listed SharpLink acquires $463M in ETH, stakes 95% of it, and positions Ethereum as its primary treasury asset.

In a bold pivot toward blockchain finance, SharpLink Gaming has become the largest publicly traded holder of Ethereum (ETH), signaling a new phase of institutional engagement with the world’s second-largest cryptocurrency. The sports betting technology firm disclosed its acquisition of 176,271 ETH valued at $463 million, a move that redefines how public companies may soon view and manage digital assets.

A Strategic Shift to Ethereum

SharpLink, which trades on the Nasdaq, announced the acquisition on Friday, June 13. The firm funded the purchase through a combination of private placements and at-the-market equity offerings, raising $79 million since May 30. The average cost per ETH was $2,626, highlighting a substantial commitment to the asset.

In a landmark decision, CEO Rob Phythian declared Ethereum as SharpLink’s new primary treasury reserve, marking the first time a Nasdaq-listed firm has adopted such a strategy with ETH.

“We now treat ETH as our primary treasury reserve asset,” said Phythian, calling the move a pivotal moment for both the company and the broader trend of public-market crypto adoption.

This move mirrors the strategy famously employed by MicroStrategy with Bitcoin, but shifts the narrative to Ethereum’s ecosystem, suggesting that ETH may increasingly be viewed as more than just a smart contract platform—it’s now a viable corporate reserve instrument.

Staking for Yield and Network Support

What sets SharpLink apart isn’t just the scale of its purchase, but its deployment strategy. The firm has staked over 95% of its ETH holdings, engaging both traditional staking and liquid staking platforms. This not only allows the company to generate yield on idle assets but also strengthens Ethereum’s proof-of-stake network by contributing to its security.

Ethereum co-founder Joseph Lubin, who also serves as SharpLink’s chairman, emphasized the long-term implications of the move:

“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.

This dual role—yield generation and protocol participation—illustrates the maturing relationship between corporations and decentralized infrastructure.

SharpLink vs. Other Institutional Holders

While SharpLink now holds the largest ETH position among publicly traded companies, it still trails behind other major players in the Ethereum ecosystem:

• Ethereum Foundation: Holds over 214,000 ETH
• BlackRock’s iShares Ethereum Trust: Manages approximately 1.7 million ETH for clients

However, SharpLink’s commitment is unique in that it stems directly from a public company’s balance sheet and is primarily staked—underscoring a deep, operational involvement in Ethereum’s ongoing development.

Stock Volatility Follows Disclosure

The market’s reaction to SharpLink’s announcement has been mixed. Following the initial disclosure on May 27, SharpLink’s stock soared over 400%, driven by investor enthusiasm and speculative momentum. However, the gains were short-lived.

This past Thursday, the stock dropped by approximately 73% in after-hours trading, sparked by misinterpretation of an SEC S-3 filing. Some investors mistakenly believed that company insiders were offloading shares. In reality, the filing merely allowed for the potential resale of shares by private investors in a previously announced PIPE (private investment in public equity) deal.

Lubin clarified the situation, noting that the filing was a routine regulatory step and not indicative of insider selling.

Despite the rebound that followed the clarification, the episode serves as a reminder of the fragility of investor sentiment in emerging asset sectors, especially when regulatory documents are misunderstood.

Ethereum Price Holds Critical Support

At the time of writing, Ethereum is trading at $2,510, holding above critical support as market momentum remains subdued. The digital asset recently pulled back from highs near $2,860, reflecting broader market uncertainty.

Short-Term Technical Overview:

• 2-Hour Chart: Bearish momentum persists with RSI at 33.62, and price near the lower Bollinger Band, suggesting further downside if $2,433 support fails.
• 30-Minute Chart: ETH shows signs of stabilization. RSI has recovered to 44.05, and MACD indicates a potential bullish crossover.
• 1-Minute Chart: Momentum is improving slightly with RSI at 51.82 and a positive MACD crossover, but trading volume remains low.

Key Levels to Watch:

• Immediate Support: $2,497
• Major Support: $2,430
• Resistance Levels: $2,560, $2,600, and $2,646

A decisive break above $2,560 could open the door for a retest of higher levels, but without stronger market catalysts, upside potential may remain capped in the short term.

A New Chapter for Ethereum on Wall Street

SharpLink’s Ethereum bet could serve as a bellwether for how traditional companies begin to view and engage with decentralized assets. By integrating ETH into its treasury and actively staking, SharpLink isn’t just holding digital currency—it’s investing in the network’s success.

While the company’s market value is still modest compared to tech giants or ETF managers, its Ethereum-heavy balance sheet and network participation signal a transformative approach to treasury management and digital asset integration.

In an environment where institutional crypto adoption is still evolving, SharpLink’s move represents a notable leap forward—one that may soon inspire others to follow.