- SharpLink bought 10,000 ETH for $25.7M, boosting its total to 215,634 ETH.
- The firm is now the second-largest corporate ETH holder globally.
- SBET stock jumped 14% as investors embraced the company’s full-on Ethereum pivot.
SharpLink Gaming (Nasdaq: SBET) made waves Thursday after revealing a massive Ethereum buy—and Wall Street took notice. The company’s stock jumped over 14% by mid-morning, briefly spiking above $22 before settling just north of $21. This rally came on the heels of a bold $25.7 million ETH acquisition that is already being called a turning point for the firm.
With this move, SharpLink isn’t just dipping its toes into crypto. It’s diving in headfirst—and becoming the second-largest corporate holder of Ethereum in the world.
The Ethereum Deal That Sparked the Surge
SharpLink confirmed it had purchased 10,000 ETH at an average price of $2,572.37. The deal, finalized on July 10 via an OTC transaction with the Ethereum Foundation, clocked in at $25.7 million. It pushes SharpLink’s total ETH holdings to a staggering 215,634 coins.
How’d they fund it? A mix of at-the-market equity sales and a $425 million private placement, led by none other than Consensys—a blockchain powerhouse founded by SharpLink Chairman Joseph Lubin. This wasn’t just a buy—it was a strategic commitment. SharpLink says Ethereum is now its primary treasury reserve asset, signaling a long-term shift in how the company manages its balance sheet.
Ethereum Is Now Central to SharpLink’s Future
Ethereum isn’t just a line on SharpLink’s balance sheet—it’s baked into the company’s long-term vision. SharpLink has been actively staking and restaking ETH, helping power DeFi infrastructure while reducing available supply. These moves line up with Ethereum Foundation’s goal of deeper institutional engagement.
For SharpLink, embracing Ethereum is more than just a treasury move—it’s an operational shift. The company is betting on ETH’s staying power as the go-to blockchain for smart contracts and dApps. In their view, Ethereum is the core layer of the future internet—and SharpLink wants in on the ground floor.
Wall Street Cheers the Crypto Pivot
Investors were quick to reward the aggressive strategy. SBET stock saw its best trading session in weeks, supported by volume and a renewed sense of optimism. This isn’t the first time a company has tried aligning with crypto, but SharpLink’s deep integration and commitment to ETH set it apart.
It’s clear this isn’t a PR stunt. SharpLink is actively reshaping itself from a traditional gaming software firm into a Web3-native powerhouse. That dual focus on iGaming and crypto tech is redefining its market narrative—and investors seem ready to roll with it.
