SharpLink Gaming has made another bold move into Ethereum, acquiring 77,210 ETH valued at approximately $295 million.
The latest purchase solidifies the company’s position as the second-largest corporate holder of Ether, with total holdings now surpassing 438,000 ETH worth more than $1.69 billion.
ETH Staking and Issuance Dynamics
According to blockchain data platform Ultra Sound Money, the company’s recent ETH purchase exceeded the network’s 30-day net issuance of 72,795 ETH.
A significant portion of the acquired Ether has already been staked, positioning SharpLink to earn ongoing staking rewards.
Blockchain tracker Lookonchain confirmed the updated ETH balance and valuation, highlighting the scale of SharpLink’s Crypto exposure.
The only corporate entity with a larger ETH holding is Bitmine Immersion Tech, whose treasury currently contains over $2 billion in ETH.
“Banks close on weekends. Ethereum runs 24/7,” SharpLink remarked on X, reinforcing its commitment to crypto-native infrastructure.
Fundraising to Fuel Crypto Strategy
Earlier this month, SharpLink filed an amended prospectus seeking to raise its stock offering from $1 billion to $6 billion.
The majority of the proceeds, according to the filing, are earmarked for further ETH acquisitions.
The firm’s strategy reflects a broader trend among institutional players to secure large portions of the Ethereum supply, potentially contributing to long-term scarcity and price appreciation.
Leadership Expansion at SharpLink
In line with its growing ambitions, SharpLink recently announced a high-profile executive hire.
Joseph Chalom, a 20-year veteran of BlackRock, has been appointed co-CEO.
Chalom will be responsible for shaping and executing the firm’s global Business strategy.
The firm had already added another industry heavyweight in May, naming Consensys CEO Joseph Lubin as chairman of its board.
Institutional Accumulation of ETH Continues
The trend of large-scale ETH accumulation by corporations shows no signs of slowing.
BitMine Immersion Technologies announced last Thursday that it now holds over 566,000 ETH—worth more than $2 billion at the time.
The company also disclosed its goal of holding 5% of Ethereum’s total supply, roughly 6 million ETH, which would equate to more than $23 billion in today’s market.
Currently, corporations and ETFs collectively hold 8.12 million ETH—6.73% of the total circulating supply—valued at over $31 billion, according to data from the Strategic ETH Reserve.