SharpLink Gaming has aggressively expanded its Ethereum (ETH) holdings, purchasing 111,609 ETH worth $343.38 million in just eight days. According to Lookonchain, the latest acquisition included 20,279 ETH ($68.38 million) on Thursday, following a $19.6 million purchase the day before.
From Marketing Firm to Major ETH Investor
The Minneapolis-based company, originally an online performance marketing firm, began buying Ethereum just over a month ago. Shockingly, 99.7% of its ETH holdings are now allocated to staking protocols, locking in long-term yields.
SharpLink Overtakes Ethereum Foundation
On Thursday alone, SharpLink bought:
- 9,425 ETH ($31.88 million)
- 10,854 ETH ($36.5 million) just three hours later
This buying spree has made SharpLink the largest corporate ETH holder, surpassing even the Ethereum Foundation.
Institutional Adoption Signals ETH’s Long-Term Value
Ethereum’s price has surged 8% in 24 hours, reaching $3,422, with a 21.5% weekly gain. According to Jamie Elkaleh, CMO of Bitget Wallet:
“Ethereum’s breakout isn’t just bullish momentum—it reflects a shift in how institutions view digital assets. ETH is becoming the go-to yield-generating infrastructure.”
SBET Stock Soars 29% on ETH Strategy
SharpLink’s stock (SBET) jumped 29% on Thursday, trading at $37.38 per share. Since shifting to an ETH-heavy treasury, the stock has grown six-fold, showing strong market confidence in its strategy.
The company recently tweeted:
“Ethereum is the base layer of the future global economy.”