SharpLink Bets Big on Ethereum with $463 Million Acquisition, Becomes Second Largest Holder
By Rachel Lourdesamy
June 16, 2025
In a significant move within the crypto landscape, SharpLink Gaming has made headlines by acquiring an impressive 176,270.69 ETH for over $462 million (approximately AU$713 million). This acquisition positions SharpLink as the largest publicly traded holder of Ethereum globally, second only to the Ethereum Foundation itself. The company executed this purchase at an average cost of roughly $2,626 (AU$4,045) per ETH, inclusive of all fees and expenses.
A Strategic Shift
SharpLink’s recent actions are part of a larger strategy introduced on May 27, when the firm announced a new Ethereum-based treasury model. This announcement led to a dramatic 400% spike in stock price on the same day, culminating in an astounding 2,100% increase over the course of the week.
Over 95% of SharpLink’s ETH holdings have been allocated to staking and liquid staking protocols. This strategy not only generates yield for the company but also contributes to the overall security of the Ethereum network.
Leadership Insights
In comments regarding the acquisition, Rob Phythian, the CEO of SharpLink, described the move as a "landmark moment." He expressed confidence in Ethereum’s potential, stating, "We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications."
Joseph Lubin, Chairman of SharpLink and a co-founder of Ethereum, stated that this initiative comes at a pivotal moment as U.S. lawmakers contemplate new regulations related to stablecoins and digital assets. He remarked, "Hopefully, such legislation will serve as a catalyst for the adoption of Ethereum technology, a decentralized network capable of many functions in the onboarding of the global economy.”
Market Reaction
While the acquisition has drawn significant interest, it has also led to notable volatility in SharpLink’s stock. Following a routine filing with the Securities and Exchange Commission (SEC), which outlined several risks—including the potential classification of ETH as a security and the emergence of Central Bank Digital Currencies (CBDCs) that could affect demand for crypto assets—the company’s shares fell sharply.
On the day of the filing, shares plummeted by 70% during after-hours trading, with stock prices dipping from $32.53 (AU$50.19) to $10.26 (AU$15.83). However, despite this decline, SharpLink’s stock remains up more than 500% when compared to pre-announcement levels.
Conclusion
SharpLink’s bold move in the cryptocurrency space not only showcases the company’s commitment to Ethereum but also reflects a growing trend among corporate entities to adopt digital assets as key components of their financial strategies. As the landscape of digital currencies continues to evolve, the implications of such large-scale investments will be closely monitored by investors and analysts alike.
For more updates on cryptocurrency and its implications for the market, follow our coverage on the latest developments.
Author: Rachel Lourdesamy is a freelance writer based in Sydney with experience in financial services, marketing, and corporate communications throughout the APAC region.