SharpLink Gaming has established itself as the largest publicly traded owner of Ethereum (ETH) globally, following its acquisition of 176,271 ETH for a substantial $463 million.
Key Highlights:
- SharpLink Gaming has secured 176,271 ETH, solidifying its position as the foremost public holder of Ethereum.
- Over 95% of this ETH is staked to earn yield and support the infrastructure of the Ethereum network.
- The firm’s stock experienced notable volatility after confusion arose concerning an SEC filing.
The sports betting enterprise, which is listed on Nasdaq, announced the acquisition on Friday. The purchase was financed through a combination of private placements and at-the-market equity sales.
Since May 30, SharpLink has raised $79 million to facilitate the acquisition, achieving an average purchase price of $2,626 for each coin.
SharpLink Expands Yield Generation Through ETH Staking
With more than 95% of its ETH holdings now committed to staking and liquid staking platforms, SharpLink aims to generate yield while enhancing the security of the Ethereum network.
CEO Rob Phythian has heralded this development as a “landmark moment” for the company and for the burgeoning trend of digital asset adoption within public markets.
“We now consider ETH to be our principal treasury reserve asset,” Phythian remarked.
This initiative positions SharpLink as the first Nasdaq-listed entity to embrace an Ethereum-focused treasury model, mirroring approaches taken by companies that concentrate on Bitcoin investments.
Joseph Lubin, co-founder of Ethereum and chairman of SharpLink, emphasized that this strategic shift indicates a maturation of institutional adoption for Ethereum.
“By allocating resources to ETH and engaging in network activities, SharpLink not only supports Ethereum’s long-term trust but also earns additional ETH in return,” Lubin stated.
The Microstrategy moment for Ethereum has finally happened. SharpLink Gaming has now disclosed its acquisition of 176,271 ETH valued at $463 million. Interestingly, the company saw its shares plummet by 66% in pre-market trading prior to this announcement. Don’t forget…
— Cipher X (@Cipher2X) June 13, 2025
Despite now being the largest public corporate holder, SharpLink’s ETH reserves are still less than those held by the Ethereum Foundation, which possesses over 214,000 ETH. Furthermore, BlackRock’s iShares Ethereum Trust manages approximately 1.7 million ETH on behalf of its clients.
However, the acquisition has not been free from challenges. The company’s stock witnessed a staggering rise of over 400% after its announcement on May 27, but subsequently plummeted sharply due to confusion regarding an SEC S-3 filing.
On Thursday, the stock price fell by roughly 73% during after-hours trading, before seeing a slight recovery.
This decline stemmed from a mistaken perception that insiders were selling shares. In reality, the filing merely allowed for the potential resale of shares by PIPE participants.
Lubin clarified that this step was simply a routine regulatory procedure rather than a sign of insider sell-off.
Ethereum Stays Above $2,520 Support Amidst Cautious Momentum
As of the current reporting, Ethereum trades at $2,523 following a recent pullback from its highs near $2,860.
Analysis of the 2-hour chart reveals bearish momentum, with price approaching the lower Bollinger Band and the RSI sitting at 33.62, suggesting minimal buying interest and a possible downward continuation if the $2,433 support level falters.
On a 30-minute chart, ETH is making an attempt to stabilize. The RSI has improved to 44.05, and the MACD shows preliminary signs of a bullish crossover, which indicates potential short-term relief.
Bollinger Bands are narrowing around the $2,500–$2,560 range, hinting at reduced volatility and a potential breakout scenario.
Examining the 1-minute chart, momentum appears to be improving with the RSI bouncing to 51.82 and the MACD crossing into positive territory.
Nevertheless, trading volume remains low, implying that any upward movement may lack strength unless supported by wider market developments.
Key resistance levels are identified at $2,646 and $2,700, while immediate support is at $2,497.
A definitive move above $2,560 could pave the way for a retest of $2,600; however, failure to maintain these levels may lead to further declines toward $2,430.
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