SharpLink Gaming made a significant investment in Ethereum, becoming the largest public holder of this cryptocurrency. The investment marks a new phase in the adoption of digital assets by companies.
Strategic Shift Towards Ethereum
SharpLink Gaming announced the purchase of 176,271 ETH for $463 million at an average price of $2,626 per ETH. CEO Rob Phythian noted that this decision reflects a long-term conviction in Ethereum as the core infrastructure for future digital commerce and decentralized applications. "Ethereum is programmable, yield-bearing digital capital," Phythian stated.
Active Utilization of ETH
As of June 13, over 95% of SharpLink’s ETH holdings are actively staked or deployed in liquid staking protocols. This allows the company to bolster the security of the Ethereum network while earning native yield.
Market Impact and Industry Insight
Previously, SharpLink successfully raised capital through its at-the-market equity program, collecting about $79 million, most of which has been funneled directly into ETH purchases. Ethereum co-founder and SharpLink chairman Joseph Lubin emphasized that the company’s strategy exemplifies institutional confidence in Ethereum and contributes to the network's long-term security. Furthermore, since June 2, its ETH-per-share metric has increased by 11.8%, indicating positive market expectations.
SharpLink Gaming's investment in Ethereum opens a new chapter in corporate cryptocurrency investments, showcasing the growing interest of institutional investors in digital assets.
