Institutional ETH Buying Frenzy: SharpLink Snaps Up $667M in Ether
Sports betting platform SharpLink Gaming has made a bold move into Ethereum, acquiring 143,593 ETH last week at an average of $4,648 per coin, spending $667.4M even as ETH hovered near record highs.
Key Highlights:
Total Holdings: SharpLink now owns 740,760 ETH (≈ $3.2B at current prices).
Staking Rewards: Already earned 1,388 ETH through Ethereum PoS staking and liquid staking.
Regulatory Watch: SharpLink acknowledges potential changes in government regulation impacting staking activities.
Stock Impact: Despite the buy, SharpLink’s shares dropped 12% Friday and are down 13.5% over 5 trading days, closing at $20.10 Monday.
Institutional Trend:
ETH accumulation is accelerating across the board:
Spot Ether ETFs → saw $3.7B inflows in early August.
BitMine → recently added 373,000 ETH, bringing its treasury to 1.52M ETH ($6.6B).
BitMine now sits just behind Michael Saylor’s Strategy as one of the world’s largest crypto treasuries.
Market Watch Takeaway:
Institutions are buying ETH aggressively, even at near-ATH prices.
Despite stock market pushback, on-chain positioning suggests ETH is becoming the top institutional bet after BTC.
If Ethereum adoption and staking rewards scale, SharpLink and BitMine could be early winners in the ETH mega-cycle.
Investment Note: SharpLink reported a $103M Q2 net loss, mainly tied to paper losses on liquid staked ETH. While institutions are betting big, volatility and regulatory risk remain high.
Is SharpLink’s bold $667M ETH buy a signal of long-term confidence in Ethereum, or a high-risk bet at the top of the cycle?
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