Over the weekend, while traditional finance firms slept, SharpLink Gaming boosted its Ether treasury by $295 million. The company leveraged the funds by purchasing an additional 77,210 ETH, increasing its total Ether holdings to around 438,017 ETH, now valued at $1.69 billion.
The recent acquisition cements SharpLink’s status as the second-largest corporate ETH holder, trailing only BitMine Immersion Technologies, which holds over 566,000 ETH ($2 billion).
$295M Purchase Amid Leadership Change
The acquisition coincided with the firm’s high-profile leadership changes. Former BlackRock veteran Joseph Chalom was appointed co‑CEO, while Ethereum co-founder Joseph Lubin serves as board chair. The initiative builds on the company’s Ether strategy and its vision for “Ethereum to drive profound, transformative change across the global digital economy.”
Notably, SharpLink’s aggressive accumulation of ETH follows its transition from a gaming-linked tech platform to a crypto-first treasury and staking entity. Supported by recent equity raises, including an expanded stock sale from $1 billion to $6 billion, SharpLink has rapidly scaled its exposure to Ether.
Following the recent acquisition, on-chain data reveals that the company quickly staked most of its assets to earn staking rewards, signaling its commitment to ETH as a yield-bearing treasury reserve. Interestingly, according to data from Ultrasound Money, the move exceeds the total net issuance of Ether for the past 7-day period by over 300%.
Meanwhile, in a previous official press release, the firm praised the recently signed Genius Act, which clarifies crypto regulation in the United States. The company described it as a significant step toward fostering innovation and institutional adoption. Lubin believes the new legal framework will empower firms like SharpLink to harness Ethereum’s full potential.
Other Firms Double Down on BTC Instead of ETH
While many public firms are embracing Ether as a treasury reserve, several others firmly focus on Bitcoin, viewing it as the premier digital asset store of value. These companies continue to build their BTC holdings, signaling confidence in the asset’s long-term value over altcoins.
Today, Tokyo-listed Metaplanet disclosed the acquisition of 780 BTC for approximately $92.5 million, adding to its long-standing accumulation plan. With the purchase, Metaplanet’s Bitcoin treasury has grown to 17,132 BTC, supporting the company’s goal of holding over 210,000 BTC by 2027.
Paris-listed Capital B (formerly The Blockchain Group) also expanded its treasury, acquiring 58 BTC for approximately $6.9 million, thereby raising its total holdings to 2,013 BTC. This move follows a $12 million capital raise aimed at supporting its ambition to become Europe’s first dedicated Bitcoin treasury company.
