SharpLink flexes treasury muscle with massive Ethereum buy

The public ETH leaderboard is shifting weekly. SharpLink’s latest accumulation spree pushes it back ahead of BitMine, but the treasury war shows no signs of cooling off.

On July 22, SharpLink Gaming announced it had purchased 79,949 Ether (ETH) over the previous week, restoring its position as the world’s largest corporate ETH holder with a total of 360,807 tokens, valued at approximately $1.3 billion.

The purchase, executed at an average price of $3,238 per ETH adds up to roughly $259 million, marking SharpLink’s largest single-week Ethereum purchase since launching its digital treasury strategy in early June. The company said it funded the purchase through its At-The-Market facility, which still holds an additional $96.6 million earmarked for future ETH acquisitions.

SharpLink’s latest move comes just days after BitMine Immersion Technologies briefly overtook SharpLink with a $1 billion ETH position, highlighting the escalating competition among public companies to dominate Ethereum’s liquid supply.

SharpLink’s billion-dollar Ethereum bet

SharpLink’s aggressive accumulation of Ethereum can be seen as a calculated financial strategy with roots in both market dynamics and regulatory tailwinds.

The company’s treasury now holds 360,807 ETH, representing a 29% weekly increase and pushing its ETH concentration metric to 3.06, up 53% since launching its digital asset strategy in June.

At the core of this strategy lies a dual approach: capitalizing on Ethereum’s price efficiency while participating in its proof-of-stake ecosystem.

“The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value through disciplined execution of our treasury growth strategies,” said Joseph Lubin, SharpLink Chairman and Ethereum co-founder.

According to the press release, SharpLink has already earned 567 ETH in staking rewards since June 2, demonstrating how the company monetizes its holdings beyond simple appreciation.

The timing of SharpLink’s accumulation spree coincides with a pivotal moment for institutional crypto adoption. The recent signing of the Genius Act has alleviated critical regulatory uncertainties that previously deterred many corporations from participating.

Lubin hailed the legislation as transformative, noting it creates “a more supportive environment for companies like SharpLink to not only operate and grow, but also to harness the full potential of Ethereum.”

The coming weeks will test whether SharpLink can maintain its lead in the corporate ETH race, particularly as competitors like BitMine continue their own accumulation strategies.

But with regulatory winds at its back and a clearly defined treasury approach, SharpLink has positioned itself as a case study in how public companies might integrate digital assets into their long-term financial planning. The billion-dollar question now isn’t whether corporate ETH holdings will grow, but what new strategies will emerge as this trend matures.