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Minnesota-based SharpLink Gaming has made headlines by purchasing over 176,000 ETH worth $463 million to support its Ethereum-focused treasury strategy. The bold move makes the Nasdaq-listed firm the second-largest known holder of Ethereum behind only the Ethereum Foundation. CEO Rob Phythian called the decision a major milestone in public company adoption of digital assets.
SharpLink aims to position Ethereum as its primary reserve asset reflecting strong belief in its role as programmable capital for the future of web3 and decentralized finance. The company recently secured $425 million in a private placement led by Consensys with participation from leading crypto investors like ParaFi Capital and Galaxy Digital.
The firm also raised an additional $79 million through share sales to expand its ETH holdings. Despite a 70% stock drop on June 12 due to a possible resale of 68 million shares SharpLink remains committed to building the largest Ethereum treasury among public companies. ETH traded at $2,544 at the time of reporting.
