SharpLink Gaming (NASDAQ: SBET) has significantly expanded its Ethereum (ETH) holdings by purchasing an additional 12,207 ETH for approximately $30.7 million between June 16 and June 20, 2025. This acquisition increased SharpLink's total Ethereum stash to 188,478 ETH, making it the largest publicly traded entity holding Ethereum globally and second only to the Ethereum Foundation overall.
The funding for this purchase was raised through the company's At-The-Market (ATM) common share sale program, generating around $27.7 million in net proceeds from selling over 2.5 million shares. The company plans to allocate most of these funds to further bolster its Ethereum treasury.
SharpLink has fully deployed its Ethereum holdings into staking solutions since initiating its ETH-focused treasury strategy on June 2, 2025. This approach has earned the company 120 ETH in staking rewards so far, representing an 18.97% increase in ETH per share, underpinning their confidence in Ethereum’s long-term value.
The strategic move underscores SharpLink’s alignment with the emerging trend of publicly traded companies embracing digital asset treasury strategies. Ethereum co-founder Joseph Lubin, who serves as SharpLink's chairman, reinforces the firm's commitment to blockchain integration and transformative technologies.
This development offers investors exposure to Ethereum performance via a traditional equity vehicle, potentially providing a novel way to hedge against cryptocurrency market volatility.