SharpLink Gaming becomes largest known corporate Ether holder

NASDAQ-listed sportsbook marketing firm SharpLink Gaming has made headlines by acquiring nearly $49 million worth of Ether (ETH), further cementing its position as the world’s largest known corporate Ether treasury. The purchase was made on Sunday as ETH prices rebounded past the $3,000 mark.

According to on-chain analytics provider Arkham Intelligence and blockchain explorer Etherscan, a wallet identified as belonging to SharpLink received 16,370 ETH, valued at approximately $48.7 million. The funds were transferred from a wallet believed to be operated by Ethereum development organisation Consensys.

This latest transaction comes just days after SharpLink acquired 10,000 ETH from the Ethereum Foundation on Friday, highlighting the company’s continued commitment to Ether as a strategic asset.

Total holdings surpass Ethereum Foundation

With the recent acquisitions, SharpLink Gaming’s Ether holdings now total nearly 198,300 ETH. This includes 181,860 Liquid Staked Ether (LSETH) and 16,419 ETH, surpassing the Ethereum Foundation’s known reserves of 197,400 ETH.

At the time of writing, the total value of SharpLink’s Ether treasury stands at approximately $608 million. Corporate ETH reserves worldwide have reached around 1.34 million ETH, valued at nearly $4.1 billion.

Joseph Lubin joins SharpLink’s board

SharpLink’s move into Ether began in late May, when it announced a strategic shift towards building an ETH-focused treasury. As part of this pivot, Ethereum co-founder Joseph Lubin was appointed chairman of the company’s board of directors.

The company also entered into a securities purchase agreement for a private investment in public equity worth $425 million. Ethereum infrastructure firm Consensys, co-founded by Lubin, was among the key participants in the deal.

Strategic rationale behind ETH accumulation

Commenting on SharpLink’s direction, Joseph Lubin highlighted the broader vision for Ether as a critical component in the ecosystem’s long-term sustainability. He stated that ETH treasuries play an essential role in shaping supply-demand dynamics, particularly as more applications are developed on the Ethereum network.

“There is a large amount of ETH in circulation that must be captured,” Lubin explained. “It’s going to be critical to enable the supply-demand dynamics of Ether to right-size as we build more and more applications.”

Market reaction and ETH price movement

The announcement followed ETH’s recent price recovery, with the cryptocurrency climbing past $3,000 after several weeks of volatility. According to market data from Nansen, Ether was trading at around $3,050 at the time of publication, reflecting a 3.5 percent increase over the previous 24 hours.

SharpLink’s aggressive accumulation and the support of high-profile Ethereum figures like Lubin have strengthened investor confidence in Ether’s potential as a corporate reserve asset. As more companies consider holding ETH in their treasuries, SharpLink’s bold move may mark a significant turning point in the broader institutional adoption of crypto assets.