SharpLink Intensifies ETH Acquisition, Launches Staking
SharpLink Gaming began its ETH acquisition strategy on July 10, 2025, purchasing 10,000 ETH from the Ethereum Foundation for $25.7 M. Since then, the gaming-turned-treasury firm has acquired an additional 21,487 ETH (~$64.2 M) via OTC deals with Galaxy Digital and Coinbase Prime, bringing its treasury to roughly 253,000 ETH at an average cost of $2,647. These ETH acquisitions have deployed over $600 M in under two months, surpassing the Ethereum Foundation’s 242,489 ETH reserves and generating more than $79 M in unrealised gains as ETH briefly topped $3,000. SharpLink plans to stake its ETH holdings to bolster network security and reduce circulating supply, driving further institutional adoption of Ethereum staking. Its stock (SBET) has surged 486% since the treasury initiative, far outpacing ETH’s 17% rise and drawing comparisons to MicroStrategy’s Bitcoin strategy. The aggressive ETH acquisition adds fresh buying pressure ahead of an anticipated alt season, amid declining Bitcoin dominance (66% to 64.5%) and record ETH ETF inflows of $1.1 B in July.
Bullish
The news of SharpLink’s aggressive ETH acquisition and planned staking is bullish for ETH price. In the short term, the combined 31,487 ETH buy and reported unrealised gains signal strong institutional demand and record ETF inflows ($1.1 B in July), which can trigger momentum buying and push prices higher. The staking plans reduce circulating supply and enhance network security, reinforcing positive market sentiment among traders. In the long term, SharpLink’s move parallels successful corporate treasury strategies like MicroStrategy’s Bitcoin adoption, potentially encouraging other firms to allocate ETH as a treasury asset and stake, amplifying demand and diminishing available supply. Combined with declining Bitcoin dominance and broader altseason expectations, these factors support sustained upward pressure on ETH.