SharpLink Gaming Boosts Crypto Treasury To 188,478 ETH, Becomes Largest Publicly Traded Ether Holder

Minneapolis-based sports betting platform SharpLink Gaming added over $30 million in ETH to its treasury between June 16 and June 20, cementing its position as the largest publicly traded holder of Ether globally.

SharpLink acquired 12,207 ETH at an average price of $2,513, boosting its treasury holdings to 188,478 Ether, or approximately $470 million based on the crypto’s price at the time.

The ‘MicroStrategy Of Ether’

To fund the purchase, SharpLink raised $27.7 million in net proceeds through its at-the-market (ATM) offering, selling over 2.5 million shares.

SharpLink is one of the increasing group of publicly traded companies that recently pivoted to add crypto to their corporate balance sheets, following the successful playbook of Michael Saylor’s Bitcoin-focused Strategy (formerly MicroStrategy).

Since the company is centered on Ethereum, it is the first Nasdaq-listed firm to adopt ETH as its core treasury reserve asset, aiming to offer shareholders exposure to the second-largest crypto by market cap.

Unlike Strategy, which typically just accumulates BTC, SharpLink has put its ETH to work. Since launching its ETH treasury strategy, the company said it has staked all its crypto cache, earning 120 ETH in rewards. The firm also disclosed an ETH-per-share growth rate of roughly 19% during that period.

“This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders, alike,” said SharpLink Chairman of the Board, Ethereum co-founder, and Consensys CEO Joe Lubin in a statement.

ETH is up 0.5% over the past 24 hours amid a ceasefire agreement between Iran and Israel. It is now trading at $2,419.38, which is below the average purchase price for SharpLink’s treasury buys.

Who Owns More ETH Than SharpLink?

While SharpLink now claims the bragging right of being the biggest publicly traded holder of Ether globally, some entities are still holding more ETH.

The Ethereum Foundation now holds 212,072 ETH ( valued at $514.59 million) in its treasury, data from Arkham Intelligence shows.

Some crypto exchange-traded funds (ETFs) issuers, such as BlackRock, also hold a considerably bigger ETH stash, albeit on behalf of their clients. BlackRock’s iShares Ethereum Trust ETF held roughly 1.7 million ETH as of June 25, worth around $4 billion.