SharpLink Gaming acquires $463 million in ethereum, becomes top holder

MINNEAPOLIS - SharpLink Gaming, Inc. (Nasdaq: SBET), a company with a current market capitalization of $1.93 billion and remarkable year-to-date returns of 321%, has acquired 176,270.69 ETH for approximately $463 million, positioning itself as the largest publicly-traded holder of ethereum, according to a company press release.

The acquisition, completed at an average price of $2,626 per ETH including fees, makes SharpLink the second-largest ethereum holder globally behind only the Ethereum Foundation.

The company disclosed it raised an additional $79 million through its at-the-market facility, with most proceeds used to fund ethereum purchases. These acquisitions have generated ETH per share growth of 11.8% since June 2.

SharpLink reported that over 95% of its ethereum holdings are actively deployed in staking and liquid staking solutions, which contribute to network security while generating yield.

"We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications," said Rob Phythian, Chief Executive Officer of SharpLink Gaming.

Joseph Lubin, Chairman of SharpLink, Co-Founder of Ethereum and Founder of Consensys, noted the acquisition "comes at a unique time when the United States Congress is moving towards passing significant stablecoin and digital asset market structure legislation."

SharpLink is the first Nasdaq-listed company to adopt a treasury reserve policy centered on ethereum. The company aims to provide shareholders with economic exposure to ETH while maintaining its traditional business as a marketing partner to sportsbooks and online casino gaming operators.

The information in this article is based on a company press release statement.

In other recent news, SharpLink Gaming, Inc. has closed a significant $425 million private placement, led by Consensys Software Inc. and other investors, to launch its Ethereum treasury strategy. This strategic move positions SharpLink as one of the first companies on Nasdaq to adopt Ethereum as its primary treasury reserve asset. Additionally, the company announced a 1-for-12 reverse stock split of its common stock, effective May 6, 2025, to meet Nasdaq’s minimum bid price requirement. SharpLink also revealed a $4.5 million public stock offering, with proceeds intended for working capital and general corporate purposes.

Moreover, SharpLink has regained compliance with Nasdaq’s listing requirements after meeting the minimum standards for a closing bid price and stockholders’ equity. The company will be under a one-year monitoring period by Nasdaq to ensure continued compliance. In a related development, the company’s shares experienced a surge following comments by Martin Shkreli about the limited float of tradeable shares. These recent developments indicate SharpLink’s strategic financial maneuvers and market responses.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.