SharpLink Gaming, a Nasdaq-listed sports betting company, has bought 176,271 Ether (ETH) for $463 million, becoming the largest publicly traded corporate holder of Ethereum. The company announced the major move on Friday, saying it used funds from recent equity sales and private placements to make the purchase.
The ETH was bought at an average price of $2,626 per coin, with over $79 million raised through its $1 billion at-the-market (ATM) equity program since May 30. SharpLink also secured funding through a PIPE deal beginning May 26.
According to the company, more than 95% of its ETH is now actively staked or liquid staked. This means the ETH is being used to help run the Ethereum network and, in return, earns rewards.
Rob Phythian, CEO of SharpLink, said this move is a “landmark moment” for both the company and for public crypto adoption. “Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital,” he said.
The company has now become the first Nasdaq-listed firm to make Ethereum its main reserve asset, a strategy that mirrors MicroStrategy’s well-known Bitcoin strategy. The goal is to give shareholders direct exposure to ETH.
SharpLink’s bold move drew praise from Ethereum co-founder and SharpLink chairman Joseph Lubin. He said, “SharpLink’s bold ETH strategy represents a pivotal milestone and innovative approach to the institutional adoption of Ethereum.”
Lubin added that by staking ETH, SharpLink is not only earning yield but also helping to secure Ethereum’s long-term stability.
Despite the excitement, the move came with drama. After the ETH purchase was first announced on May 27, SharpLink’s share price jumped over 400%. But earlier this week, confusion over a new SEC filing caused a 73% after-hours drop, with shares falling from $32 to under $8 before bouncing back.
The filing allowed for the possible resale of 58.7 million shares from PIPE participants. However, it did not reflect an actual sale, leading to what some saw as a market overreaction.
In response to this, Lubin said in a post on x “Some are misinterpreting SBET’s S-3 filing. it says potential resale of shares, not an actual sale. “This is a standard post-PIPE procedure in tradfi, not an indication of actual sales. At the time of writing, the stock sits at $11.02.
While SharpLink is now the biggest ETH holder among public companies, others like the Ethereum Foundation and BlackRock still hold more overall.
The Ethereum Foundation holds 214,129 ETH ($594 million), while BlackRock’s iShares Ethereum Trust ETF controls around 1.7 million ETH worth $4.5 billion, according to BlackRock data.
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