Sharplink Gaming (Nasdaq: SBET), the publicly traded company that has adopted Ethereum as its primary treasury reserve asset, has significantly expanded its holdings through a series of aggressive purchases, bringing its total Ethereum stash to 270,000 ETH. This makes Sharplink the largest Ethereum holder among all publicly traded companies globally, surpassing previous benchmarks set by other institutional investors.
Direct Purchase from the Ethereum Foundation
On July 10, 2025, Sharplink announced a direct acquisition of 10,000 ETH from the Ethereum Foundation at a price of $2,572.37 per ETH, for a total of approximately $25.72 million. This rare on-chain transaction between a public company and the Ethereum Foundation underscores deep institutional confidence in Ethereum as a strategic treasury asset. The Ethereum Foundation, which primarily supports protocol development and ecosystem growth, rarely sells ETH directly to corporate entities, making this deal particularly noteworthy.
Subsequent Massive Buys Through Institutional Channels
Sharplink did not stop with the Foundation sale. Just two days later, on July 12, the company acquired an additional 21,487 ETH (valued at $64.26 million) via 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 transactions represent an investment of approximately $138 million over just four days.
Average Cost and Unrealized Profit
With total holdings of 270,000 ETH and an average purchase price of approximately $2,667 per ETH, Sharplink currently sits on an unrealized profit of over $81 million, based on the prevailing market price at the time of reporting. This mirrors the playbook of Strategy (formerly MicroStrategy), which accumulated Bitcoin aggressively and turned its corporate treasury into a high-profile asset play.
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 reinforces the company’s intention to hold Ethereum as a core strategic asset, not merely a speculative trade.
Market Implications and Institutional Trend
Sharplink’s rapid accumulation positions it as the institutional benchmark for Ethereum, much like Strategy did for Bitcoin. Analysts note that if more public companies follow a similar treasury strategy, the supply dynamics of Ethereum could shift dramatically, reducing circulating supply and potentially increasing price stability over the long term. The move also signals growing confidence in Ethereum’s proof-of-stake ecosystem, particularly its staking yields and restaking opportunities.
As of mid-July 2025, Sharplink Gaming holds more ETH than any other publicly traded company, solidifying its status as a leading “Ethereum whale” in the corporate world.