SharpLink Gaming Goes All-In: $463M ETH Purchase Crowns Them as Top Public Ethereum Holder
Game over for traditional treasury strategies—SharpLink Gaming just placed a half-billion-dollar bet on Ethereum. The gaming giant''s audacious move rockets them past legacy institutions in the crypto custody race.
Wall Street''s still scratching its head over this play. While hedge funds dither over compliance paperwork, a gaming firm just schooled them on asymmetric bets. Their treasury team either belongs in the C-suite—or the psych ward.
The purchase isn''t just big—it''s strategic. That much ETH doesn''t just sit in a wallet. Expect staking yields, DeFi integrations, or maybe even an in-game economy powered entirely by smart contracts.
One thing''s certain: when your cash reserves outpace most crypto hedge funds, you''re not playing games anymore. You''re rewriting the rules.
SharpLink Stakes 95% of ETH Holdings to Boost Yield and Secure Ethereum Network
More than 95% of the firm’s ETH holdings are now deployed in staking and liquid staking platforms, both to generate yield and support Ethereum’s network security.
CEO Rob Phythian called the MOVE a “landmark moment” for both the company and the broader trend of digital asset adoption in public markets.
“We now treat ETH as our primary treasury reserve asset,” he said.
SharpLink becomes the first Nasdaq-listed company to adopt an ETH-focused treasury model, echoing Strategy’s approach to Bitcoin.
Ethereum co-founder and SharpLink chairman Joseph Lubin said the move reflects a strategic evolution in institutional Ethereum adoption.
“By allocating capital to ETH and participating in network activity, SharpLink contributes to Ethereum’s long-term trust and earns additional ETH in return,” Lubin stated.
The Microstrategy moment for Ethereum has finally happened.
Just now, SharpLink Gaming has announced an acquisition of 176,271 ETH worth $463 million.
Interestingly, SharpLink Gaming crashed today 66% in pre-market and now they have come up with an announcement.
Don''t forget… pic.twitter.com/DR6Hlv2EdT
Despite its leading position among public firms, SharpLink’s holdings are still smaller than those of the Ethereum Foundation, which holds over 214,000 ETH, and BlackRock’s iShares Ethereum Trust, which manages approximately 1.7 million ETH on behalf of clients.
The move hasn’t been without turbulence. SharpLink’s stock surged over 400% after its May 27 announcement, but fell sharply this week after confusion over an SEC S-3 filing.
The stock plunged by roughly 73% in after-hours trading on Thursday, before recovering partially.
The drop followed a mistaken belief that insiders were dumping shares, when in fact the filing merely enabled the potential resale of shares by PIPE participants.
Lubin clarified that it was a routine regulatory step, not an insider selloff.
ETH Holds $2,520 Support as Momentum Remains Cautious
Ethereum is trading at $2,523 at the time of writing, following a recent pullback from highs NEAR $2,860.
The 2-hour chart shows bearish momentum, with price touching the lower Bollinger Band and RSI hovering at 33.62, indicating weak buying interest and potential continuation to the downside if $2,433 support fails.
On the 30-minute chart, ETH is attempting to stabilize. The RSI has recovered to 44.05, while MACD shows early signs of bullish crossover, suggesting short-term relief.
Bollinger Bands are tightening around the $2,500–$2,560 range, signaling reduced volatility and a potential breakout setup.
Zooming into the 1-minute chart, momentum is improving. RSI has bounced to 51.82 and MACD has crossed into positive territory.
However, trading volume remains light, implying that any upside move may lack conviction unless supported by broader market catalysts.
Key resistance lies at $2,646 and $2,700, with immediate support at $2,497.
A clear move above $2,560 could open the path toward a retest of $2,600, but failure to hold above current levels risks further downside toward $2,430.
