Nasdaq-listed SharpLink Gaming has made a groundbreaking move involving Ethereum as part of its treasury strategy, becoming the largest public holder of ETH.
In a press statement today, the firm disclosed that it acquired 176,270.69 ETH for approximately $462.95 million, at an average acquisition price of $2,626 per ETH.
With this aggressive purchase, SharpLink Gaming has secured its position as the world’s largest publicly traded ETH holder. This acquisition places SharpLink second only to the Ethereum Foundation in total ETH holdings.
The massive transaction, executed during a period of bearish ETH performance, represents a significant institutional vote of confidence in Ethereum’s long-term value and utility.
ETH Becomes Primary Treasury Reserve Asset
Notably, SharpLink has officially adopted ETH as its primary treasury reserve asset. This decision makes the firm the first Nasdaq-listed company to do so.
SharpLink’s CEO, Rob Phythian, explained that the decision reflects its strong belief in Ethereum as a cornerstone of the future digital economy and decentralized technologies. He also emphasized that choosing ETH as the company’s main treasury reserve asset is a firm confidence in its potential as programmable, income-generating digital capital.
SharpLink also revealed that over 95% of its ETH holdings are in active staking or liquid staking solutions. This helps to secure the Ethereum network while generating native yield.
This dual-benefit strategy positions SharpLink to participate in the network’s growth while earning passive income through ETH rewards.
Capital Raised via $1B ATM Program Fuels Crypto Play
Notably, from May 30 to June 12, 2025, SharpLink raised approximately $79 million in gross proceeds through its $1 billion at-the-market (ATM) equity program. The majority of these funds went into acquiring additional ETH.
Since June 2, 2025, these cumulative ETH purchases have driven ETH-per-share growth of 11.8%, enhancing shareholder value through digital asset exposure.
Ethereum Co-Founder Joseph Lubin Backs the Move
Joseph Lubin, Co-Founder of Ethereum and Chairman of SharpLink, praised the company’s strategy, calling it “a pivotal milestone for the institutional adoption of Ethereum.”
Lubin highlighted the timing of the move, noting that it comes amid growing momentum in the U.S. Congress to pass digital asset and stablecoin legislation. He suggested the passage could serve as a broader catalyst for Ethereum’s mainstream adoption.
Ultimately, SharpLink’s ETH-centric treasury strategy aligns with a broader trend among public companies seeking exposure to digital assets. The move echoes MicroStrategy’s historic embrace of Bitcoin.
SharpLink’s Stock Crashes 73%
Meanwhile, just hours after the announcement, shares of SharpLink Gaming tumbled more than 70%. Analysts suggest the dramatic decline was due to investor confusion, with many misinterpreting a routine SEC filing as insider selling. The resulting panic overshadowed the company’s bold $463 million Ethereum treasury strategy.
Some are misinterpreting SBET’s S-3 filing:
It registers shares for potential resale by prior investors
The “Shares Owned After the Offering” column is hypothetical, assuming full sale of registered shares.
This is standard post-PIPE procedure in tradfi, not an indication of…
— Joseph Lubin (@ethereumJoseph) June 12, 2025
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