Sharplink Gaming (Nasdaq: SBET), the largest publicly traded company to adopt Ethereum as its core treasury asset, has dramatically expanded its Ethereum holdings to 270,000 ETH, making it the top ETH holder among all public companies. The acquisition spree includes a rare direct purchase from the Ethereum Foundation and rapid follow-up buys through institutional channels, underscoring growing confidence in Ethereum as a strategic reserve asset.
Direct Purchase from Ethereum Foundation
On July 10, 2025, Sharplink completed a direct on-chain purchase of 10,000 ETH from the Ethereum Foundation for $25.72 million, at an average price of $2,572.37 per ETH. This transaction marks one of the few instances where a public company has acquired ETH directly from the foundation, which typically sells tokens to fund protocol development and ecosystem growth. The move signals a close alignment between Sharplink and the Ethereum community.
Aggressive Accumulation: Over 37,000 ETH in Two Days
Not content with the initial purchase, Sharplink acquired another 21,487 ETH on July 12 via Galaxy Digital and Coinbase Prime for $64.26 million. Just two days later, on July 14, the company added 16,374 ETH for $48.85 million. In total, Sharplink spent approximately $138 million in under a week, raising its total Ethereum holdings to 270,000 ETH. At an average cost basis of roughly $2,667 per ETH, the company is currently sitting on an unrealized profit exceeding $81 million.
“This Is a Commitment, Not a Trade”
Joseph Lubin, co-founder of Ethereum and chairman of Sharplink, commented on the acquisitions: “This isn’t a trade. It is a commitment to our long-term vision. Sharplink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem.” The statement hints that Sharplink may stake or restake its ETH holdings, potentially reducing circulating supply and providing network security.
Emulating MicroStrategy’s Bitcoin Playbook
Sharplink's strategy closely mirrors that of MicroStrategy, which has amassed a massive Bitcoin treasury through continuous purchases. By positioning ETH as its primary reserve asset, Sharplink aims to become the institutional benchmark for Ethereum accumulation. The company’s moves could encourage other publicly traded firms to follow suit, further broadening institutional adoption of Ethereum.
Market Impact and Outlook
Sharplink’s buying spree has provided a significant boost to ETH prices. During the period from July 10 to July 14, Ethereum rallied from around $2,500 to above $2,700. Analysts suggest that if Sharplink continues its aggressive accumulation, it could tighten ETH supply on exchanges, driving prices higher. The Ethereum Foundation’s willingness to sell directly to a long-term holder like Sharplink is also viewed positively, as it avoids market disruption and supports ongoing development.
In summary, Sharplink has cemented its leadership among public companies in Ethereum accumulation, potentially inspiring a new wave of institutional interest. The market will watch closely to see if its strategy yields sustainable returns and whether other corporations will adopt similar treasury policies.