Since the beginning of 2025, many companies have chosen Ethereum as a reserve asset. These moves could create a domino effect, encouraging more companies from various sectors to join.
This strategy is inspired by Strategy, the leading company using Bitcoin (BTC) as a treasury asset. The market is now witnessing the emergence of the 'Ethereum strategy.'
SharpLink Gaming is adopting a strategic reserve of ETH, sparking a trend.
On May 27, 2025, SharpLink Gaming, Inc. (NASDAQ: SBET) announced that it entered into a securities purchase agreement in a private placement for approximately $425 million.
The funds raised will be used to purchase Ethereum (ETH), which will become the company’s primary treasury reserve asset.
This plan is being executed under the guidance of Consensys, a blockchain technology company led by Ethereum co-founder Joseph Lubin.
Rob Fithian, founder and CEO of SharpLink, said: 'This represents a significant achievement in SharpLink's journey and signifies an expansion beyond our core business. With the deal completed, we look forward to working with Consensys and welcoming Joseph to the board.'
Following the announcement, SBET shares rose over 85% in a single day. The stock price reached over $53 at one point, marking a remarkable increase of 1800% in three days of trading.
SharpLink appears to position itself in the 'Ethereum strategy', acting as a general agent for funds that cannot hold cryptocurrencies directly.
According to Eric Conner, a former core Ethereum developer, SharpLink's plan to purchase and lock up 120,000 ETH could create 'supply pressure.' This will reduce the trading of ETH and increase its value.
Conner confirmed that this move positions ETH as a 'digital reserve asset' and enhances Ethereum's acceptance in mainstream finance.
Summary for Ethereum holders: reduced supply, a new narrative, and the potential to leverage through equity wrapping. A milestone in Ethereum's journey towards mainstream balance sheets, as noted by Conner.
More companies are adding ETH to their reserves.
SharpLink is not the first company to adopt ETH as a treasury asset. In March 2025, BioNexus Gene Lab (BGLC), a healthcare company, announced plans to add ETH to its reserves.
Similarly, the Nasdaq-listed blockchain company BTCS purchased $8.42 million worth of ETH last week, bringing its total holdings to 12,500 ETH.
In May, Abraxas Capital—a $3 billion investment firm—raised 350,703 ETH worth $837 million at an average purchase price of $2,386.
These moves taken by companies like SharpLink, BioNexus, and BTCS reflect increasing confidence in Ethereum's long-term potential.
CryptoQuant data shows that this trend has pushed ETH balances in accumulation wallets to new highs—nearly 21 million ETH, or 17.5% of the circulating supply.
Meanwhile, Bitcoin's price has reached new highs and seems expensive. In contrast, Ethereum's price is 50% lower than its all-time high, making it more attractive.
As publicly traded companies like SharpLink adopt ETH, it may create a domino effect that encourages more institutions to follow suit. This will not only support the price of ETH but also bolster Ethereum's role in the global financial system.
At the time of writing, the trading price of ETH was about $2,640. Many analysts expect ETH to outperform BTC in this market cycle.
