SharpLink Gaming (Nasdaq: SBET), a company once known primarily for marketing and iGaming software, has reinforced its position as the largest corporate holder of Ethereum (ETH) with a major purchase this week. The company added 32,892 ETH, valued at approximately $118.8 million, in a bold move that reflects growing corporate confidence in the Ethereum network.
According to on-chain analytics platform Arkham Intelligence, SharpLink acquired 18,712 ETH from Galaxy Digital and 14,180 ETH from Coinbase Prime on Thursday evening. This latest transaction follows a string of aggressive ETH purchases that began earlier this month.
Lookonchain data reveals that SharpLink has accumulated 144,501 ETH in just nine days. Its total Ethereum holdings now exceed 353,000 ETH, surpassing even the Ethereum Foundation. The company’s strategy suggests it is doubling down on Ethereum’s long-term value proposition amid a broader crypto market rally.
On Thursday, SharpLink also amended its prospectus with the U.S. Securities and Exchange Commission (SEC), raising the amount of stock it can sell from $1 billion to a staggering $6 billion. Analysts suggest this move could provide liquidity for further ETH acquisitions or operational expansion.
Ethereum’s price also responded positively, gaining 8% over the past 24 hours and trading at $3,605, based on The Block’s Ethereum price index.
While the company’s share price dipped 2.62% on Thursday to close at $36.40 (according to Yahoo Finance), it has shown remarkable growth. SharpLink stock has surged 96.96% over the past five days and an impressive 373.96% year-to-date, showing strong investor confidence.
As the Ethereum ecosystem gears up for scalability and ETF developments, SharpLink’s aggressive accumulation signals heightened institutional interest and long-term bullish sentiment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
