SharpLink Gaming has solidified its position as the world’s largest publicly traded company to adopt Ether (ETH) as its primary treasury reserve asset. The company recently bolstered its ETH holdings from June 28 to July 4, 2025. During that period, the firm acquired an additional 7,689 ETH at an average price of $2,501 per ETH, bringing its total balance to 205,634 ETH.
For context, recall that the firm had earlier announced a private placement deal led by ConsenSys to raise $425 million, earmarked for acquiring Ether. Its latest purchase and plans to buy more are part of its strategy to hold ETH as its main treasury reserve asset.
SharpLink Plans to Buy More Ether
To finance the acquisition of more Ether, which it claims to buy this week, SharpLink raised approximately $64 million. The firm raised the capital through net proceeds from an At-the-Market (ATM) equity facility by selling approximately 5.5 million shares. Notably, the fund includes $37.2 million raised on July 3.
Demonstrating its interest in yield-focused allocation, the company has committed 100% of its Ether holdings to staking and restaking protocols. Through this strategy, SharpLink earned about 100 ETH in rewards during that week, contributing to a total estimated staking yield of 322 ETH since June 2.
Building on its transparency measures, SharpLink introduced a new metric called “ETH Concentration” to track its exposure to ETH relative to its equity. Interestingly, the metric has increased from 2 ETH to 2.37 ETH, representing a 19% rise over the past three weeks. Excited about the growth and initiative, its Chairman, Joseph Lubin, commented:
“By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today’s public markets.”
Ether Attracts Institutional Interest
Several major institutional investors are making direct, on-chain, or ETF-backed moves into Ether. BlackRock stands out as the largest institutional holder of ETH, accumulating approximately 1.2 million ETH, currently valued at nearly $3.1 billion. Fidelity Investments, through its Fidelity Ethereum Trust (FETH), holds approximately 432,750 ETH, valued at around $1.12 billion.
Beyond ETFs, other institutional players have embraced Ethereum’s infrastructure and token utility. For example, Bit Digital has made a bold shift from Bitcoin mining to building an Ether-centric treasury and staking business. It recently converted all of its bitcoins to Ether.
