SharpLink Gaming Overtakes Ethereum Foundation as Largest Corporate Holder of ETH
SharpLink Gaming (SBET), a Nasdaq-listed company, has announced it’s now the largest corporate holder of ether (ETH), possessing 280,706 ETH valued at approximately $840 million. This significant position follows a recent capital raise of $413 million through a share issuance between July 7th and 11th. A substantial portion of these funds – around $257 million – is earmarked for further ETH acquisitions.
The company’s strategic shift towards an ETH-centric treasury has yielded remarkable results. Over the past week, SBET purchased 74,656 ETH at an average price of $2,852 per coin. This acquisition surpasses even the Ethereum Foundation, the organization behind the Ethereum blockchain, in terms of corporate ETH ownership. Interestingly, the Foundation recently sold 10,000 ETH to SBET in an over-the-counter (OTC) transaction. The Ethereum Foundation currently holds approximately $665 million worth of ETH, according to Arkham Intelligence data.
SBET’s stock price reflects the success of this strategy, rising sixfold since the company adopted its ETH treasury approach. On Tuesday, SBET shares saw a 5% increase, even as ETH prices experienced a slight dip to $2,990. This success mirrors the established bitcoin-focused treasury strategy pioneered by Michael Saylor. The addition of Ethereum co-founder and Consensys CEO Joseph Lubin as chairman further strengthens SBET’s position in the crypto space.
The company’s strategy involves utilizing capital markets to acquire ETH, the second-largest cryptocurrency by market capitalization. Simultaneously, SBET operates validators and stakes its ETH holdings, generating additional income. Since June, this staking activity has already yielded 415 ETH, approximately $1.2 million. This move positions SBET alongside other U.S.-listed firms like Bitmine Immersion Technology (BMNR) and BIT Digital (BTBT), which have also adopted similar ETH-focused treasury strategies. The substantial increase in SBET’s ETH holdings underscores the growing trend of public companies embracing cryptocurrency as a strategic asset.
