SharpLink, an affiliate marketing and iGaming software company, has significantly increased its investments in Ethereum, becoming the largest known corporate holder of the cryptocurrency.
SharpLink's Major Purchases
On July 14, SharpLink purchased 24,371 ETH at an average price of $2,695, totaling $73.2 million. This was the third purchase on the same day when the company also acquired over 38,700 ETH for about $113 million. In total, SharpLink added over 63,000 ETH to its portfolio in one day.
Other Companies Invest in ETH
SharpLink is not the only company shifting its reserves to ETH. Bit Digital and BitMine Immersion have also made significant investments in Ethereum, backing the asset with hundreds of millions of dollars in recent months. Bit Digital announced that it had converted all of its Bitcoin holdings into Ethereum, while BitMine Immersion invested $500 million, adopting an ETH-focused treasury model.
Companies' Collaborative Strategy
The firms Bit Digital, BitMine Immersion, and SharpLink publicly acknowledge each other's efforts to bolster ETH reserves. In posts on X, they praised one another's commitments and emphasized their shared goal—to unleash the power of Ethereum. Bit Digital CEO Sam Tabar noted, "We race against each other, but ultimately we are all aligned to a greater cause: to unleash the power of Ethereum."
The investments by SharpLink and other firms into Ethereum demonstrate the growing interest in this cryptocurrency as a treasury asset for corporations. With aggressive acquisition strategies, these companies could significantly impact Ethereum's future as a financial base layer.
