SharpLink Gaming (Nasdaq: SBET) has made another bold move to expand its Ethereum treasury, acquiring nearly $49 million worth of ETH in a fresh purchase that signals a deepening commitment to crypto.According to Arkham Intelligence data, the Nasdaq-listed iGaming and marketing software firm added 16,374 ETH on Sunday, moving approximately $48.85 million worth of ether to its corporate wallet. The transaction was tracked from wallet 0xCd9…F5F75, which purchased the batch from Galaxy Digital’s over-the-counter desk earlier in the day.While SharpLink has not officially commented on this latest buy, on-chain analytics account EmberCN reported that this raises the company’s unofficial total ETH holdings to around 270,000 ETH. Just last Friday, SharpLink purchased 21,487 ETH, valued at over $63.7 million, also sourced through Arkham’s blockchain data.
SharpLink's Ethereum Bet Grows Under Consensys Chair
Originally founded in Minneapolis, SharpLink pivoted its strategy this year to include building a large Ethereum treasury. This shift aligns with a $425 million private placement in late May, led by Consensys, the Ethereum infrastructure giant.
Joseph Lubin, CEO of Consensys and Ethereum’s co-founder, now serves as SharpLink’s chairman. Lubin has been vocal about the company’s ETH plan, describing it as both a strategic treasury play and a contribution to the health of the broader Ethereum network.
“SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem,” Lubin stated last Friday.
ETH Price Climbs, SBET Stock Rallies
The bullish ETH acquisition comes as Ethereum’s price rose 1.2% over the past 24 hours to $2,981, trading near its highest level since February, according to CryptosNewss market data.
Meanwhile, SharpLink’s stock has rallied alongside its crypto pivot. On Friday, shares closed up 17.15% at $21.65, boosted by excitement over the company’s growing ETH stash and its expanding role in the decentralized finance (DeFi) ecosystem.
Industry watchers say that SharpLink’s aggressive accumulation strategy could become a model for other mid-cap tech firms seeking exposure to Ethereum while contributing to network decentralization through staking and restaking.
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