• SharpLink now holds 270,000 ETH after adding 16,374 tokens worth $49 million through an OTC market transaction.
• The company is using funds from a $425 million private placement to build Ethereum as its main treasury reserve.
• SharpLink ranks second among corporate ETH holders ahead of Coinbase and just behind the Ethereum Foundation.

SharpLink Gaming has added 16,374 ETH to its holdings in a deal valued at nearly $49 million. According to Arkham Intelligence, the ETH was sent from a wallet that recently bought the tokens through Galaxy Digital’s over-the-counter desk. 

This new addition follows another purchase of 21,487 ETH worth $63.7 million made just days earlier. As a result, SharpLink’s total Ethereum holdings are now estimated at 270,000 ETH.

The company has not officially confirmed the latest acquisition. However, market data and wallet activity strongly suggest ongoing purchases. These actions reflect a consistent pattern of accumulation. SharpLink’s aggressive buying strategy continues to draw attention from both investors and crypto analysts.

Transition from iGaming to Crypto Reserves

SharpLink, once focused solely on affiliate marketing and iGaming software, began its Ethereum treasury strategy in late May. The shift started after the firm secured $425 million in a private placement led by Consensys. 

The deal also brought Ethereum co-founder Joseph Lubin on board as chairman of the company. This move signaled a clear pivot toward blockchain infrastructure and digital asset management.

Proceeds from the placement are now funding Ethereum acquisitions. SharpLink has committed to making ETH its primary treasury reserve asset. The company views this as a long-term investment in the Ethereum ecosystem. As a result, it has significantly reduced its reliance on traditional business operations.

Corporate Holdings in Ethereum Surge

SharpLink is now the second-largest corporate Ethereum holder, just behind the Ethereum Foundation. It holds more ETH than major players like Coinbase. This rising exposure to digital assets reflects a broader trend among public companies. Many are now building crypto reserves to diversify and strengthen their balance sheets.

Meanwhile, Ethereum continues to gain value. At the time of reporting, ETH is trading near $3,036, its highest price since February. The rising price supports SharpLink’s decision to invest heavily in the asset. Institutional demand for Ethereum appears to be rising steadily.

Other Firms Follow Similar Strategies

Several companies are now mirroring SharpLink’s approach. BIT Mining recently announced plans to raise up to $300 million for a Solana treasury. DeFi Development Corp. disclosed a $2.7 million Solana purchase last week. Canadian firm Sol Strategies currently holds over 420,000 SOL and is expanding into the U.S. market. These moves show that interest in crypto treasuries is spreading across sectors.