SharpLink Gaming Doubles Down: Drops $48.85M More on Ethereum in Bold Crypto Bet

Another day, another eight-figure crypto splurge—SharpLink Gaming just loaded up on $48.85M worth of ETH, doubling down on its blockchain gamble.

Why Ethereum?
Because even in a sea of altcoins, the OG smart contract platform still pulls institutional whales. Never mind the gas fees.

Timing is everything:
With ETH hovering below its ATH, SharpLink’s buying spree smells like a calculated accumulation play—or just another corporate FOMO trade dressed as 'strategy.'

The bottom line:
While traditional finance still debates 'digital gold,' gaming firms are quietly turning treasuries into crypto casinos. Hedge funds, take notes.

SharpLink Launches Ethereum Treasury Strategy

SharpLink, initially a Minneapolis-based affiliate marketing and iGaming software firm, embarked on its Ethereum treasury strategy in late May.

The move coincided with a $425 million private placement led by Consensys, the crypto infrastructure firm founded by Ethereum co-founder Joseph Lubin, who also took on the role of SharpLink’s chairman.

Beyond building its treasury, SharpLink has expressed its commitment to supporting Ethereum’s long-term strength and decentralization.

The company’s stock performance has reflected its growing crypto exposure, closing up 17.15% at $21.65 last Friday, likely boosted by the announcement of a 10,000 ETH purchase.

Last week, Ethereum co-founder Joe Lubin said the company has been purchasing tens of millions of dollars worth of ETH every day.

“We are accumulating more and more consistently — we’re able to acquire tens of millions of dollars in Ether a day,” Lubin told CNBC.

The aggressive accumulation marks a new chapter for SharpLink. CEO Rob Phythian revealed in May that the company WOULD expand beyond its traditional business, selling approximately $425 million in stock to investors including Consensys.

BREAKING: SHARPLINK GAMING (SBET) NOW ON ARKHAM

We have identified $450M in Sharplink Gaming’s ETH holdings. We are the first to publicly identify their holdings on-chain.

Sharplink Gaming, backed by Joseph Lubin (Cofounder Ethereum & Founder Consensys), are one of the first… pic.twitter.com/sGC6YvPJwU

The proceeds are earmarked for Ethereum purchases, establishing ETH as SharpLink’s primary treasury reserve asset.

SharpLink currently ranks second among corporate holders, behind the Ethereum Foundation and ahead of Coinbase and others.

Ether itself has seen steady gains, trading NEAR $2,981 and nearing its highest levels since early February, underlining the growing investor confidence that SharpLink is capitalizing on.

More Public Companies Diversify into Crypto

Following the model pioneered by Michael Saylor’s Strategy, more public companies are diversifying into crypto holdings that include BTC, ETH, SOL, and XRP.

Just recently, BIT Mining announced plans to raise between $200 million and $300 million to build a solana (SOL) treasury as part of a broader expansion into the fast-growing blockchain ecosystem.

Last week, DeFi Development Corp. revealed that it has acquired $2.7 million worth of Solana as part of its aggressive crypto treasury strategy.

Likewise, Canadian digital asset firm SOL Strategies, already trading on the Canadian Securities Exchange, holds over 420,000 SOL tokens, positioning itself as a significant institutional player in Solana’s ecosystem.

Last month, the firm also filed to list its common shares on the Nasdaq Capital Market under the ticker “STKE” as it ramps up its U.S. expansion.