#ETHBreakout3.5k
SharpLink Gaming (Nasdaq: SBET) has just acquired 4,904 ETH (approximately $17.45 million) via Coinbase Prime—boosting its total Ethereum holdings to around 358,000 ETH (~$1 billion, as of mid‑July 2025) .
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📈 What This Means
1. Aggressive accumulation strategy
Since early June, SharpLink has been buying ETH regularly, amassing about 358,000 ETH at an average price of $2,825 .
As of July 13, it reported 280,706 ETH, making it the largest public‐company ETH holder .
2. Funding via stock issuance
Initially, SharpLink had a $1 billion At‑The‑Market (ATM) stock facility; it has now expanded this to $6 billion to finance further ETH purchases .
It also raised $413 million between July 7–11 to buy ~74,656 ETH at an average ~ $2,852 .
3. Staking for yield
Approximately 99.7% of its ETH is staked, generating rewards (~415 ETH since June 2; ~94 ETH from July 7–11 alone) .
4. Market & strategic impact
The aggressive ETH buying is fueling optimism about institutional crypto adoption and could tighten ETH liquidity .
SharpLink’s stock (SBET) has surged ~+1,078% over the past month, partly driven by this crypto‐treasury narrative, though critics (like Martin Shkreli) caution about speculation .
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🔍 Key Takeaways
Factor Implication
Total ETH holdings (≈358k) Among the largest corporate ETH treasuries publicly disclosed
Funding via $6 B ATM sales SharpLink is securing capital expressly to buy more ETH
High staking allocation (99.7%) Optimizes yield while maintaining exposure
Market reaction SBET stock triangle sharp rally; increased institutional visibility
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What to Watch Next
Additional ETH purchases: How much further SharpLink will deploy from its $6 billion issuance capacity.
ETH price & supply: Large-scale accumulations from public companies could tighten available ETH.
Regulatory developments: As corporate treasuries adopt crypto, oversight and reporting rules may evolve.