SharpLink Gaming, Inc. has acquired 176,271 Ethereum (ETH) valued at approximately $463 million, positioning itself as the largest corporate holder of ETH after the Ethereum Foundation. This strategic move establishes SharpLink as the first Nasdaq-listed company to adopt Ethereum as its primary treasury reserve asset.
The acquisition was funded through a private investment in public equity (PIPE) deal and a $1 billion at-the-market (ATM) equity program. Over 95% of SharpLink’s ETH holdings are currently staked, contributing to Ethereum’s network security while generating passive yield for the company.
CEO Rob Phythian cited Ethereum’s programmable capabilities and yield-bearing potential as core reasons for the treasury shift. Ethereum co-founder Joseph Lubin hailed the acquisition as a milestone for institutional adoption, coinciding with evolving U.S. regulatory frameworks for digital assets.