SharpLink Gaming buys $463 million in ETH, becomes No. 2 holder after Ethereum Foundation

Minnesota-based affiliate marketing firm SharpLink Gaming (ticker: SBET) purchased 176,270.69 ETH for about $463 million as part of an effort to grow its Ethereum treasury strategy.The purchase positions SharpLink behind only the Ethereum Foundation, the independent organization overseeing the Ethereum ecosystem, which holds 214,129 ETH valued at over $540.7 million, according to crypto data tracker Arkham."This is a landmark moment for SharpLink and for public company adoption of digital assets,” said SharpLink Gaming CEO Rob Phythian in a Friday statement. “We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications. Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.”On June 2, the web3 infrastructure firm Consensys led a $425 million private placement to help SharpLink Gaming bolster its ultimate strategy of having the largest ETH treasury. Other firms joining the private placement included ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, and Ondo Finance. SharpLink's market cap reached $34.8 million at the time of its private placement. SharpLink Gaming has since raised an additional $79 million in proceeds from selling shares under its $1 billion ATM equity program between May 30 and June 12, which the firm plans to use to buy more ether, the firm said.On June 12, the firm's stock sharply fell around 70% after a filing with the Securities and Exchange Commission showed a potential resale of 68 million common shares, The Block previously reported. ETH traded at $2,544 at the time of writing, decreasing by more than 8% in the past 24 hours, according to The Block's Ethereum Price Page. Ethereum is the second-largest stablecoin by market capitalization, with $307 billion. SharpLink Gaming, which is publicly listed on Nasdaq, partners with international sportsbooks and online casinos for marketing efforts. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.