SharpLink Gaming (SBET) has significantly boosted its Ethereum holdings by acquiring 16,374 ETH worth approximately $48.85 million on July 13, 2025, according to Arkham Intelligence. Purchased via Galaxy Digital’s OTC desk, this latest buy brings SharpLink’s total holdings to around 270,000 ETH. The fresh purchase positions SBET as the second-largest corporate ETH holder, just behind the Ethereum Foundation,
Strategic shift in May
The transformation began in late May when SharpLink launched a $425 million private placement for ETH, led by ConsenSys which was headed by Ethereum co-founder Joseph Lubin, who now chairs SharpLink’s board. This infusion marked the beginning of their ETH‑first treasury strategy as daily multimillion-dollar purchases continue. Lubin confirmed to CNBC that the once affiliate marketing for online gaming company will now have Ethereum as its primary treasury reserve asset.
A wave of ETH treasury strategies
SharpLink isn’t alone, many other firms are adopting similar tactics. Bit Digital transitioned its treasury entirely to Ethereum earlier in July, swapping out 280 BTC and deploying a $172 million raise to accumulate over 100,000 ETH. Another company on the list is BitMine Immersion Technologies, which was earlier a Bitcoin mining–focused company. They raised $250 million and quickly accumulated ETH, triggering a 3,000% stock surge in early July. Joining the ETH‑treasury cohort is GameSquare, who recently launched a $100 million ETH treasury initiative targeting 14% in yields.
Investors like SharpLink see Ethereum as a “productive asset”—its ability to stake ETH, support smart contracts, stablecoins, and decentralized finance adds tangible yield and utility. Public companies are now using capital markets, private placements, stock offerings, to build ETH treasuries. This is similar to MicroStrategy’s Bitcoin strategy but now with Ethereum’s staking potential.