Sports betting firm turned crypto treasury giant strengthens its position as second-largest ETH holder
SharpLink Gaming has announced a $400 million share purchase agreement aimed at expanding its already massive Ethereum treasury, a move that underscores the growing trend of public companies diversifying into digital assets. The deal, involving five global institutional investors, is expected to push the firm’s ETH holdings to a value exceeding $3 billion.
The agreement priced shares at $21.76 each, with the transaction set to close following customary conditions. Despite the announcement, SharpLink’s stock closed down 6.6% at $22.34, before recovering 3.5% in after-hours trading to $23.10.
“The speed and scale of these investments reflect investor confidence in both SharpLink’s strategy and Ethereum’s long-term potential,” said co-CEO Joseph Chalom.
SharpLink began acquiring Ether in May and now holds 598,800 ETH, currently worth around $2.57 billion. This places the company second only to BitMine Immersion Technologies, which controls over 1.15 million ETH.
The move comes amid a surge in Ethereum prices, which have climbed over 44% in the past month, reaching $4,278 — just 12% shy of the all-time high set in November 2021. Analysts say the timing could be strategic.
“Institutional accumulation at this scale signals that Ethereum is being viewed not just as a technology platform, but as a long-term store of value,” noted blockchain market analyst Daniel Wright.
SharpLink has raised nearly $900 million in the past week alone, following earlier deals including a $200 million private placement and $264.5 million in at-the-market offerings.
With its growing reserves, the company is positioning itself at the forefront of corporate crypto treasury adoption. While the stock has been volatile — including a steep drop in June following a regulatory filing — SharpLink remains up nearly 190% year-to-date.
For investors, the latest move highlights a broader market shift: more public companies are looking beyond traditional assets, viewing Ethereum as a key component of future financial strategies.
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This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.