SharpLink Gaming Buys $43M in ETH, Holdings Near 449K ETH

Published: 2025-08-01 00:25:46 |

Nasdaq-listed SharpLink Gaming has boosted its Ethereum treasury, purchasing 11,259 ETH (approx. $43.09 million) at an average price of 3,828 USDC per ETH in an OTC deal managed by Galaxy Digital. The July 31 acquisition lifts SharpLink’s total holdings to 449,276 ETH (around $1.73 billion), marking a 21% surge in ETH assets over the past ten days after earlier buys of 77,210 ETH (~$295 million) and 16,374 ETH (~$48.85 million). Now the second-largest institutional ETH holder after Bitmine Immersion Technologies, SharpLink is also active on Ethereum Layer 2 network Linea to support token distribution and network growth. Its aggressive crypto treasury strategy, similar to MicroStrategy’s Bitcoin reserves, has driven the SBET stock up 3% in early trading and nearly 97% over the last month. This move underscores growing institutional adoption of ETH and could bolster market sentiment ahead of potential ETH ETF approvals.

Bullish

SharpLink Gaming’s large OTC purchase of 11,259 ETH and rapid increase to 449,276 ETH in treasury highlights growing institutional demand for Ethereum. The move, managed by Galaxy Digital and bolstered by earlier multi-million-dollar acquisitions, signals strong market confidence. Activism on Layer 2 network Linea and a stock surge reinforce positive sentiment, likely attracting further inflows and strengthening price momentum, especially with potential ETH ETF approvals on the horizon.