SharpLink becomes largest corporate ether holder with 280,706 ETH surpassing Ethereum Foundation
Quick Take
- SharpLink ups its treasury to 280,706 ETH after a $156 M buying spree, surpassing the Ethereum Foundation’s stash.
- The company features on a growing list of names like BitMine Immersion, Bit Digital, and other firms using at‑the‑market offerings to build sizable ether positions as they vie to become the leading publicly traded ETH holders.
SharpLink Gaming Inc. (SBET) said it has become the world’s largest corporate holder of ether after lifting its treasury to 280,706 ETH.
The Nasdaq‑listed firm bought 74,656 ETH between July 7 and July 13 at an average price of $2,852, spending about $156 million and bringing its holdings to a value of roughly $858 million based on Tuesday’s market price near $3,000, according to The Block’s ether price page.
This places SharpLink’s ether holdings above the Ethereum Foundation's stack, which owns approximately 196,354 ETH, worth around $591 million, according to Arkham data. The company also previously acquired 10,000 ETH directly from the EF last week.
SharpLink financed the purchases with proceeds from an at‑the‑market share‑sale program that raised about $413 million from July 7 to July 11. Around $257 million from the offering remains available for additional ether acquisitions, the company said in a statement. SBET shares rose 10% following the announcement, according to Yahoo Finance data.
Ethereum treasury trend
The Minneapolis-based marketing and software entity first announced its corporate Ethereum treasury strategy in May, raising $425 million through a private placement led by Consensys. Ethereum co-founder and Consensys CEO Joseph Lubin was also named chairman of SharpLink.
Since adopting ether as its primary treasury reserve asset, SharpLink says it has staked 99.7% of its holdings and earned 415 ETH in rewards, including 94 ETH generated last week. It has also introduced an “ETH concentration” metric to help investors gauge its exposure. The metric that stood at 2.46 ETH per 1,000 assumed diluted shares outstanding as of July 13, up 23% from 2.00 ETH a month earlier.
SharpLink is among a list of companies accumulating ETH, using Strategy’s ATM share sale playbook. The goal for these firms, including entities such as BitMine Immersion and Bit Digital, is to become the largest publicly traded holder of ETH globally.
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