SharpLink Gaming, a company listed on Nasdaq and supported by Ethereum co-founder Joseph Lubin, has once again taken a big step in crypto market. The on-chain data shows that the company has bought 77,210 ETH, which is worth around $295 million, to be its Ethereum treasury.
Lookonchain, citing blockchain intelligence from Arkham, says that this latest acquisition increases SharpLink’s total Ethereum to about 438,017 ETH. At the current prices, this is equal to almost $1.7 billion — which makes SharpLink one of the largest institutional investors in ETH.
Source: X Handle
The start-to-finish Ethereum accumulation is coordinated with new changes in leadership. Joseph Chalom, who used to work at BlackRock, has become a co-CEO of the company. His appointment is regarded as a well-thought-out move to increase SharpLink’s standing in the digital asset field.
Namely, Joseph Lubin, one of the creators of Ethereum and chairman of SharpLink, called it “a resounding validation” of the company’s ETH-focused treasury strategy when Chalom came in.
Stock Performance and Market Reaction
Despite SharpLink’s aggressive crypto buying, the company’s stock closed down 5.7% on Friday at $21.99, according to Yahoo Finance. However, the broader trend remains bullish — SBET shares are up 113.9% over the past month and have surged 186.3% year-to-date.
Meanwhile, Ethereum itself saw a price rise of 2.9% in the last 24 hours and is currently trading at approximately $3,900.
SharpLink’s steady Ethereum buying strategy is gaining industry attention, especially as more traditional firms are considering crypto treasuries. Analysts see this move as a long-term wager on Ethereum’s network value and its institutional adoption.
By the company continuing to make large ETH purchases and bringing experienced finance professionals into its leadership, SharpLink is thereby making itself a major player in corporate crypto adoption.
Also Read: Ethereum Leads Weekly Inflows as Total YTD Crosses $7.79 Billion
