Isabella García
SharpLink Gaming (NASDAQ: SBET) has intensified its aggressive Ethereum investment strategy, acquiring an additional 20,279 ETH worth approximately $68 million on Wednesday alone. The move comes just days after the company declared itself the largest corporate holder of Ethereum, outpacing even the Ethereum Foundation.
According to Arkham, SharpLink first secured 9,425 ETH from Galaxy Digital, followed by a second purchase of 10,854 ETH from Coinbase Prime later the same day.
Blockchain data reveals that the firm quickly deployed its new assets: 3,200 ETH was staked through Figment’s non-custodial service, while 10,854 ETH was committed to Liquid Collective’s staking protocol.
From Affiliate Marketing to Crypto Giant: The SharpLink Pivot
Initially based in Minneapolis as an iGaming and affiliate tech company, SharpLink began building its Ethereum treasury in late May, shortly after a $425 million private investment round led by Consensys, the blockchain firm behind MetaMask. As part of the shift, Joseph Lubin, Ethereum co-founder and Consensys CEO, assumed the role of SharpLink’s chairman.
Since then, the company has routinely purchased large ETH tranches, often ranging between 10,000 to 25,000 ETH per acquisition.
SharpLink’s Holdings and Market Performance Surge
Earlier this week, SharpLink disclosed it had amassed 280,706 ETH, officially overtaking the Ethereum Foundation. As of July 17, EmberCN reports that SharpLink’s Ethereum holdings have reached 321,000 ETH, cementing its dominant position.
Investor enthusiasm followed suit. SBET shares climbed 29% on Wednesday, closing at $37.38. Over the past five days, the stock has posted a 113% gain, according to Google Finance.
At the same time, Ethereum’s price jumped 7% in the past 24 hours, now trading at $3,455, based on PRIME’s ETH price index.
