Nasdaq-listed SharpLink Gaming has executed a strategic acquisition of 32,892 Ethereum (ETH) worth $115 million, including a single transaction of 14,180 ETH ($50.1 million) sourced from Coinbase Prime. This rapid accumulation occurred within a four-hour window, reinforcing the company's commitment to ETH as its primary reserve asset.
The move follows SharpLink's recent SEC filing increasing its common stock issuance limit from $1 billion to $6 billion, explicitly earmarked for future Ethereum purchases. The company had already utilized $720.8 million of its previous $1 billion authorization, leaving $279 million available before the expansion. The amended program now permits forward sales, enhancing capital-raising flexibility.
SharpLink's total ETH holdings now stand at 280,706 coins (valued at ~$1 billion), making it the largest known corporate holder—surpassing both the Ethereum Foundation and competitor BitMine Immersion (300,657 ETH). Notably, 99.7% of its ETH is staked, generating 415 ETH in rewards since June 2, transforming treasury reserves into yield-bearing assets.
This acquisition is part of an aggressive nine-day accumulation of 144,501 ETH ($515 million). The strategy reflects corporate confidence in ETH as an inflation hedge and Web3 infrastructure play, while Ethereum's price surged 44% monthly to ~$3,620 at press time.