SharpLink Gaming Overtakes Ethereum Foundation as Largest Corporate Holder of ETH

SharpLink Gaming (SBET), the Nasdaq-listed firm with a crypto treasury strategy centered on ether {{ETH}}, on Tuesday said it has become the largest corporate holder of the asset with 280,706 ETH worth roughly $840 million at current prices.

The firm raised $413 million via the issuance of over 24 million shares between July 7 and July 11, according to a press release. It purchased a total of 74,656 ETH over the past week at an average price of $2,852 each.

Roughly $257 million of that fundraising remained for future ETH acquisitions, the firm said.

SBET shares were trading 5% higher in U.S. action on Tuesday even as ETH slipped modestly to $2,990. The stock has risen roughly six-fold since the ETH treasury pivot several weeks ago.

With the latest purchase, the firm said it has now surpassed the Ethereum Foundation, the development organization behind the blockchain, to become the largest corporate owner of ETH. Notably, the foundation recently sold 10,000 ETH to SharpLink Gaming in an OTC deal. The Ethereum Foundation holds $665 million in ETH, according to blockchain data by Arkham Intelligence.

Sharplink Gaming is one of the public companies that have recently pivoted to a crypto treasury strategy, following the bitcoin-focused {{BTC}} playbook of Michael Saylor’s Strategy. Ethereum co-founder and Consensys CEO Joseph Lubin joined the firm as chairman.

The firm uses capital markets to raise funds to acquire ETH, the second-largest cryptocurrency by market cap, while operating validators and staking the tokens to earn a reward. The company said it has earned 415 ETH, roughly $1.2 million at current prices, through staking since its treasury pivot in June.

Other U.S.-listed firms such as Tom Lee’s Bitmine Immersion Technology (BMNR) and bitcoin miner BIT Digital (BTBT) also turned into an ETH treasury play.