SharpLink Grows Ethereum Treasury With $48.85 Million Purchase

SharpLink Gaming has expanded its Ethereum treasury with a $48.85 million acquisition of 16,374 ETH, bringing its total holdings to over 270,000 ETH and establishing itself as the second-largest corporate holder of the cryptocurrency behind only the Ethereum Foundation.

The Minneapolis-based sports betting and entertainment technology company began its aggressive Ethereum accumulation strategy two months ago, backed by a $425 million private placement . The latest purchases follow a series of major acquisitions that started July 11 with 10,000 ETH purchased directly from the Ethereum Foundation for $25.7 million .

SharpLink continued its buying spree the following day, securing 21,487 ETH through two institutional platforms. The company acquired 14,693 ETH from Galaxy Digital for $43.89 million and purchased an additional 6,804 ETH from Coinbase Prime for $20.37 million.

The aggressive accumulation strategy has generated substantial returns, with the company's existing ETH investment appreciating fivefold and producing $45 million in unrealized profits. Beyond financial gains, SharpLink has escrowed all of its ETH into the Hoppers DApp, actively participating in Ethereum's Proof-of-Stake consensus mechanism to earn staking rewards while contributing to network security.

SharpLink's treasury strategy reflects a broader trend of corporate Ethereum adoption driven by institutional interest in decentralized finance, staking yields, and protocol-native investment strategies. The company is exploring restaking opportunities, which would allow its staked ETH to secure additional protocols and generate layered rewards.

Ethereum co-founder Joseph Lubin, who serves as SharpLink's chairman, described the company's approach as a template for mission-driven organizations seeking to contribute to decentralization and economic empowerment through blockchain participation. Lubin emphasized that the purchases represent a calculated shift toward protocol-driven finance rather than mere speculation.

The Ethereum Foundation's decision to sell ETH to SharpLink sparked debate within the crypto community, with some viewing it as a signal of declining confidence. However, Foundation contributors clarified that the sale was strategic, aimed at funding protocol research, ecosystem maintenance, and community grants to support Ethereum's ongoing development.

Ethereum has gained momentum alongside Bitcoin's rally , with the cryptocurrency trading as of publication time at $3,029.90, up 2.34% in the past 24 hours and 17.85% over the past week. The price rebound has been fueled by increasing institutional confidence in Ethereum's DeFi ecosystem and staking infrastructure.