SharpLink Acquires $180M in Ethereum Over Five Days

In the five-day period leading up to July 14, SharpLink Gaming invested approximately $180 million in Ethereum (ETH), buying a total of 60,582 ETH. This caused the company's stock to surge by over 17% in 24 hours. The latest purchase consisted of 16,374 ETH, worth around $49.03 million, making the company the biggest publicly traded ETH treasury holder.

The company's total reserve now stands at 270,000 ETH, a figure that has been steadily increasing over the past two months. SharpLink uses the ETH it holds in staking and restaking protocols to earn on-chain yield, and it has seen an approximate yield of 322 tokens since the start of the program. The trend of publicly listed firms shifting their treasury strategies towards Ethereum is growing, with companies like GameSquare and Bitmine also building substantial ETH reserves.