Sharplink Gaming (Nasdaq: SBET), the largest publicly traded company to adopt Ethereum as its core treasury asset, has dramatically expanded its ether holdings through a series of aggressive purchases, including a rare direct acquisition from the Ethereum Foundation. The company now holds 270,000 ETH, making it the largest ETH holder among listed companies.
Direct Purchase from Ethereum Foundation
On July 10, Sharplink executed a direct on-chain purchase of 10,000 ETH from the Ethereum Foundation for $25.72 million, at a price of approximately $2,572.37 per ETH. This transaction marks one of the few instances where a public company has directly acquired ETH from the Foundation, underscoring growing institutional confidence in Ethereum as a strategic asset. The Ethereum Foundation has been instrumental in funding protocol development and Web3 ecosystem growth, and this direct transfer highlights its evolving role in facilitating enterprise adoption.
Rapid Follow-Up Purchases
Sharplink did not stop there. Just two days later, on July 12, the company acquired an additional 21,487 ETH (valued at $64.26 million) through Galaxy Digital and Coinbase Prime. On July 14, a third tranche of 16,374 ETH was purchased for $48.85 million. In total, these three acquisitions cost approximately $138.8 million, pushing Sharplink's cumulative ETH stash to 270,000 tokens.
Average Cost and Unrealized Profit
With an average purchase price of roughly $2,667 per ETH, Sharplink currently sits on an unrealized profit of over $81 million, based on prevailing market prices. The company's 270,000 ETH position is now nearly three times the size of MicroStrategy's bitcoin holdings (when measured by number of tokens), though the latter's bitcoin stack has a much higher dollar value. Regardless, Sharplink has firmly established itself as the institutional benchmark for Ethereum accumulation.
Joseph Lubin: 'A Commitment to Our Long-Term Vision'
Joseph Lubin, Chairman of Sharplink and Co-Founder of Ethereum, commented: “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.” Lubin's statement emphasizes the company's intention to hold ETH as a long-term strategic reserve, not a short-term speculative bet. The firm also plans to stake a portion of its holdings to generate yield, further locking in supply.
Strategic Parallels with MicroStrategy's Bitcoin Playbook
Industry analysts have drawn direct comparisons between Sharplink's strategy and that of MicroStrategy (now Strategy) in bitcoin. Both companies use debt and equity financing to accumulate the top cryptocurrency, effectively tying their corporate balance sheet to digital asset price appreciation. However, Sharplink's focus on Ethereum brings unique advantages: Etsy enables staking rewards, a vibrant DeFi ecosystem, and a narrative centered on smart contract utility. If ETH continues its upward trajectory, Sharplink's massive position could deliver outsized returns; conversely, a sharp price decline would expose the company to significant mark-to-market losses. For now, the market is betting on the former, as Sharplink's aggressive buying has catalyzed positive sentiment across the Ethereum community.