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SharpLink Gaming purchased 77,210 ETH, worth approximately $295 million.
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The company now holds 438,017 ETH, valued around $1.7 billion.
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Joseph Lubin-backed firm is one of the largest ETH holders among public companies.
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Recently appointed ex-BlackRock exec as co-CEO to support strategy.
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ETH rose nearly 3% after the purchase amid broader treasury accumulation trend.
SharpLink Makes Another Huge Ethereum Investment
SharpLink Gaming, a public company co-chaired by Ethereum co-founder Joseph Lubin, has acquired another 77,210 ETH, spending approximately $295 million. The move raises its total Ethereum holdings to 438,017 ETH, worth around $1.7 billion.
The purchase was detected by Lookonchain and Arkham Intelligence, which tracked the large transfer of ETH to SharpLink wallets on Sunday evening.
Part of an Expanding ETH Treasury Strategy
SharpLink is one of the most aggressive ETH treasury accumulators in the public markets, joining other firms like BitMine Immersion and BTCS in the emerging Ethereum-first treasury category. The company has positioned itself as a bet on ETH’s long-term value and utility in Web3 infrastructure.
Just last week, SharpLink appointed Joseph Chalom — a former BlackRock executive — as co-CEO, signaling institutional ambitions. Chalom’s arrival was called a “resounding validation” of SharpLink’s ETH-focused model by Lubin himself.
Market Response and Valuation
While SharpLink’s stock dipped 5.7% following the announcement, it has gained over 110% in the past month and nearly 190% year-to-date. Ethereum’s price also responded positively, trading near $3,900 after a 2.9% gain in the 24 hours following the transaction.
This continued ETH accumulation by large public companies underscores a broader trend of Ethereum becoming a dominant reserve asset in the crypto treasury playbook.
