SharpLink Acquires 30,755 ETH for $108M, Total Holdings Now $1.65 Billion

SharpLink Gaming has cemented its position as a major institutional player in the Ethereum market, buying 30,755 ETH worth $108.57 million.

Written by: Arslan Butt • Monday, August 4, 2025 • 2 min read

• Last updated: Monday, August 4, 2025

Quick overview

SharpLink Gaming has acquired 30,755 ETH worth $108.57 million, increasing its total holdings to 480,031 ETH, valued at approximately $1.65 billion.
The company aims to replicate Bitcoin treasury models, focusing on Ethereum as its primary digital reserve, supported by significant fundraising efforts totaling $838 million.
SharpLink briefly became the largest corporate holder of ETH but was surpassed by Bitmine Immersion Technologies, highlighting a competitive landscape among institutional investors.
Despite its growth, some analysts view SharpLink's stock as speculative, suggesting investors might prefer direct ETH investments or ETFs.

SharpLink Gaming has cemented its position as a major institutional player in the Ethereum market, buying 30,755 ETH worth $108.57 million over 2 days, according to Lookonchain. The purchases were made in USDC and averaged $3,530 per token. This brings SharpLink’s total Ethereum holdings to 480,031 ETH—approximately $1.65 billion.

This is part of a long term plan to mirror Bitcoin treasury models, like MicroStrategy. Instead of Bitcoin, SharpLink is betting on Ethereum as its primary digital reserve.

Fundraising and Leadership Moves

To support its Ethereum acquisition plan, SharpLink raised:

$425 million in a private placement in May
$413 million in a share issuance in July

The company also made a big hire. On July 25, Joseph Chalom, former head of digital assets at BlackRock, was named Co-CEO. Chalom managed BlackRock’s iShares Bitcoin and Ethereum Trusts, which have $97 billion in assets combined. Ethereum co-founder Joseph Lubin is SharpLink’s chairman.

These moves show the company is serious about building and managing one of the largest ETH treasuries in the world.

Ethereum Treasury Race Heats Up

SharpLink briefly surpassed the Ethereum Foundation on July 19 to become the largest corporate holder of ETH. But it was quickly surpassed by Bitmine Immersion Technologies—backed by Peter Thiel—with 625,000 ETH in reserve. As of August 4, 63 companies hold 2.74 million ETH, worth $9.71 billion, according to Strategic ETH Reserve.

SharpLink: 480,031 ETH
Ethereum Foundation: 233,000 ETH
Bitmine Immersion: 625,000 ETH

This consolidation trend means more institutions are viewing Ethereum not just as a technology platform, but as a financial asset.

Mixed Views on SharpLink’s Valuation

Despite the strong momentum, not everyone is bullish. A recent Seeking Alpha report said SharpLink’s stock (SBET) trades at 4x its ETH treasury value and is “highly speculative”. The author recommends investors consider direct ETH investments or ETFs to avoid the premium.But it’s hot—SBET is up 35% in the last month and 112% YTD.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.