SharpLink Bolsters Crypto Portfolio with $54M ETH Purchase—Now Holds $1.65B in Digital Assets
SharpLink just doubled down on Ethereum—adding $54 million worth of ETH to its war chest. The move pushes its total crypto holdings to a staggering $1.65 billion.
Why the big bet? While traditional finance plays catch-up, SharpLink’s aggressive accumulation screams confidence in ETH’s long-term value. Or maybe they just enjoy watching Wall Street sweat.
One thing’s clear: When the suits finally figure out DeFi, SharpLink will already be counting its profits.
Competition among Ethereum treasury companies
SharpLink briefly became the largest corporate holder of ETH on July 19, surpassing the Ethereum Foundation’s 233,000 ETH reserve. However, it was soon overtaken by Bitmine Immersion Technologies, which holds 625,000 ETH and is backed by Peter Thiel. As of Aug. 4, 63 companies collectively hold 2.74 million ETH, valued at $9.71 billion, according to data from Strategic ETH Reserve.
Analysts say SharpLink’s activity reflects Ethereum’s growing role as a strategic reserve asset. Many point to Ethereum’s dominant role in rapidly emerging sectors such as stablecoins and tokenization as signs of strong network momentum.
Still, not all observers are convinced. One analyst at Seeking Alpha argues that SharpLink’s stock, SBET, trades at nearly 4× the value of its ETH holdings, calling it speculative and overvalued. He suggests investors may be better served by direct ETH purchases or exchange-traded funds, which avoid the premium.
Despite mixed views on valuation, SharpLink’s stock has climbed 35% in the past month and 112% year to date, making it one of the most closely watched Ethereum-focused public companies.
