SharpLink Gaming, Inc. announced the acquisition of 176,270.69 ETH for approximately $462.9 million, making it the largest public holder of Ethereum.
Shift to Ethereum as Primary Reserve
SharpLink has officially transitioned to an Ethereum-based treasury reserve model. CEO Rob Phythian stated that Ethereum is "foundational infrastructure for the future of digital commerce and decentralized applications." ETH was chosen for its role as "programmable, yield-bearing digital capital."
Funding and Equity Strategy
SharpLink's recent acquisitions were supported by multiple funding events. On June 2, the company raised $425 million in a private placement led by Consensys. SharpLink is also selling shares under its $1 billion at-the-market (ATM) equity program, raising approximately $79 million between May 30 and June 12, which has been used for additional ETH purchases.
Implications for Blockchain's Future
Joseph Lubin, Co-Founder of Ethereum and Chairman of SharpLink, remarked that "SharpLink’s bold ETH strategy represents a pivotal milestone and innovative approach to the institutional adoption of Ethereum." He noted that SharpLink’s use of ETH in staking helps "contribute to Ethereum’s long-term security and trust properties."
SharpLink Gaming's commitment to Ethereum underscores a shift from Bitcoin-centric corporate reserves, highlighting the significance of blockchain in financial infrastructure.
