Nasdaq-listed SharpLink Gaming (SBET) has once again doubled down on Ethereum. According to on-chain analytics from Arkham Intelligence, the company acquired 16,374 ETH on Sunday—worth approximately $48.85 million—further solidifying its status as a major institutional holder.
The Ethereum was reportedly moved from wallet “0xCd9…F5F75,” which sourced the ETH from Galaxy Digital’s OTC desk earlier that day. While SharpLink has yet to confirm the transaction officially, blockchain monitor EmberCN says this move brings the firm’s total ETH holdings to a massive 270,000 ETH.
This latest purchase follows a $63.7 million ETH acquisition just last Friday, which sent SBET stock soaring over 17%, closing at $21.65.
From iGaming to Ethereum Titan
SharpLink’s transformation from a Minneapolis-based affiliate-marketing and iGaming firm into a crypto treasury juggernaut began in May, right after a $425 million private placement led by Consensys. Ethereum co-founder and Consensys CEO Joseph Lubin now chairs SharpLink and is spearheading its Ethereum-first pivot.
Lubin stated the goal is to buy, stake, and restake ETH to contribute to Ethereum’s long-term health. “We’re removing ETH from circulation, reinforcing decentralization and network strength,” he said.
Ethereum Market Impact
Ethereum itself saw a mild 1.2% price bump over the past 24 hours, trading around $2,981, its highest since February. With 270,000 ETH now in its wallet, SharpLink is positioning itself as one of the most influential institutional players backing Ethereum’s decentralized future.
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