In a groundbreaking move, SharpLink Gaming, Inc. has acquired 176,271 Ethereum (ETH) valued at approximately $462.9 million, making it the largest publicly traded Ethereum holder — second only to the Ethereum Foundation itself.
A First for Nasdaq
SharpLink is now the first Nasdaq-listed company to adopt Ethereum as its primary treasury reserve asset. This strategic pivot marks a significant milestone for institutional crypto adoption, with Ethereum — not Bitcoin — at the center of a major corporate treasury plan.
How They Funded the ETH Move
The company raised funds in two phases:
- A PIPE deal closed on May 26, 2025
- A $1 billion ATM equity program, from May 30 to June 12, raising around $79 million
The majority of this capital has been deployed to purchase Ethereum.
ETH as Yield-Bearing Capital
Since June 2, SharpLink’s ETH-per-share has grown 11.8%. Over 95% of the ETH is staked or involved in liquid staking, allowing the company to earn staking rewards while contributing to the security of the Ethereum network.
Leadership Speaks
Rob Phythian, CEO of SharpLink Gaming, explained:
“Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.”
Joseph Lubin, Ethereum Co-Founder and Chairman of SharpLink, added:
“SharpLink’s bold ETH strategy marks a turning point in how institutions adopt Ethereum.”
Lubin emphasized that this move aligns with broader trends in U.S. regulation, including ongoing legislative efforts around stablecoins and digital assets.
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