SharpLink Gaming Buys $295M in Ether, Tightens Grip as Second-Largest ETH Holder

SharpLink Gaming has cemented its position as a major player in the Ethereum ecosystem, acquiring an additional 77,210 ETH—valued at approximately $295 million—in a single transaction. 

This recent purchase pushes its total Ether holdings beyond 438,000 ETH, worth over $1.69 billion, making it the second-largest corporate holder of Ether after Bitmine Immersion Technologies.

What makes this acquisition more striking is that it surpasses Ethereum’s net issuance for the past 30 days, which stood at 72,795 ETH, according to blockchain data provider Ultra Sound Money. The company has already staked the majority of its new ETH to generate passive rewards, further demonstrating its long-term confidence in the Ethereum network.

In a post on X, SharpLink emphasized the operational edge of Ethereum over traditional finance, writing, “Banks close on weekends. Ethereum runs 24/7.”

SharpLink Treasury Expansion Fueled by Capital Raise

SharpLink’s aggressive ETH accumulation strategy comes as the company seeks to massively expand its war chest. On July 18, it filed an amended prospectus to raise its stock sale target from $1 billion to $6 billion. The bulk of these funds, as previously confirmed, will be directed toward further ETH purchases, aligning with its treasury-first crypto strategy.

The firm is also undergoing strategic leadership changes. On Friday, it announced the appointment of former BlackRock executive Joseph Chalom as its new co-CEO. Chalom brings two decades of experience from the world’s largest asset management firm and is expected to guide SharpLink’s global strategy in the evolving Web3 space.

In May, the company also named Joseph Lubin, co-founder of Ethereum and CEO of Consensys, as chairman of its board of directors, signaling a strong alignment with Ethereum’s core ecosystem.

Institutional Buying Sparks Fears of ETH Supply Squeeze

SharpLink’s massive Ether haul comes amid growing concerns about a potential ETH supply shock. The current leader in ETH corporate holdings, Bitmine Immersion Technologies, now owns over 566,000 ETH, valued above $2 billion. Bitmine has revealed ambitions to eventually hold 5% of ETH’s total circulating supply—roughly 6 million ETH worth over $23 billion.

According to the Strategic ETH Reserve, corporations and ETFs now collectively hold about 6.73% of all ETH in existence—totaling 8.12 million ETH, currently worth more than $31 billion. With increasing institutional interest, ETH’s circulating supply is tightening, a trend that could contribute to long-term upward price pressure.