Major Purchases Make Sharplink Gaming the Largest Public ETH Holder

Sharplink Gaming (Nasdaq: SBET), the largest public company to adopt ethereum as its core treasury asset, announced the direct purchase of 10,000 ETH from the Ethereum Foundation for $25.72 million at $2,572.37 per ETH. The deal closed on July 10 and marks a rare on-chain acquisition between a public company and the Ethereum Foundation.

This direct ETH transfer underscores institutional confidence in ethereum as a strategic asset, with the Ethereum Foundation playing a pivotal role in supporting Ethereum’s protocol development and web3 ecosystem growth.

Commenting on the transaction, Joseph Lubin, Chairman of Sharplink and Co-Founder of Ethereum, stated, “This isn’t a trade. It is a commitment to our long-term vision. Sharplink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem.”

But Sharplink didn’t stop there. Just two days later, on July 12, the company acquired another 21,487 ETH (valued at $64.26 million) via Galaxy Digital and Coinbase Prime. On July 14, it followed up with a third tranche: 16,374 ETH for $48.85 million.

In total, Sharplink now holds 270,000 ETH, making it the largest ETH holder among publicly traded companies. With an average purchase price of approximately $2,667, the company is currently sitting on an unrealized profit of over $81 million.

Following a playbook similar to Strategy’s bitcoin strategy, Sharplink is rapidly positioning itself as the institutional benchmark for ETH accumulation.

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