SharpLink Gaming, a company in the iGaming and marketing software sector listed on Nasdaq, has recently made headlines by acquiring a large amount of Ethereum (ETH) worth almost $49 million. The latest move increased its treasury holdings to 270,000 ETH, showing its commitment to the cryptocurrency.
SharpLink Stashes More ETH
SharpLink purchased 16,374 ETH for nearly $49 million through Galaxy Digital’s over-the-counter trading desk. The purchase follows a significant $425 million private placement in late May, which attracted interest from major players in the crypto industry, including Pantera Capital and Galaxy Digital.
The funds from this placement are important for enhancing the company’s strategy focused on Ethereum, making it one of the largest public holders of ETH. Following this purchase, the crypto market reacted positively. Ethereum’s value rose by 1.2% to $2,981, contributing to a 17.15% increase in SharpLink’s stock price, which reached $21.65 last Friday.
This positive trend reflects stronger investor interest, driven by the company’s expanding role in the DeFi space. Joseph Lubin, CEO of Consensys and co-founder of Ethereum, has recently become the chairman of SharpLink, underlining the company’s focus on an Ethereum-based strategy.
More Firms Take Interest in Altcoins
In addition to this, two days ago, SharpLink acquired 10,000 ETH for $25.7 million. This is part of a plan to take advantage of Ethereum’s expected growth. Meanwhile, other companies are also diversifying into cryptocurrencies to enhance shareholder value.
For example, Semler Scientific started its Bitcoin treasury strategy in 2024, and Upexi and DeFi Development Corp. have raised capital to invest in Solana. The Japanese firm Metaplanet also adopted Bitcoin, following Saylor’s Strategy, which holds $65 billion in BTC.
SharpLink’s decision shows growing confidence in Ethereum’s role in decentralized finance and smart contracts, especially after the recent Pectra network upgrade. The company’s strategy goes beyond just diversifying its treasury; it aims to support the Ethereum ecosystem through staking and DeFi protocols. This will allow the company to earn returns on its investments while strengthening the Ethereum network’s security.
As more companies adopt similar strategies, SharpLink’s approach could change how corporate treasuries engage with digital assets, bringing together iGaming innovation and blockchain technology.
