SharpLink Gaming has acquired 176,000 Ethereum tokens at an average price of $2,600 per coin, totaling $462 million. This positions the company as the largest public holder of Ethereum globally.
The acquisition triggered significant market volatility when a subsequent SEC filing caused confusion among investors, leading to a 70% plunge in SharpLink’s share price during after-hours trading. Ethereum co-founder Joe Lubin later clarified that the filing represented a routine procedural step rather than a fundamental business shift.
Company filings reveal that SharpLink’s Ethereum holdings are primarily allocated to staking and liquid staking solutions. This strategy generates yield while simultaneously supporting Ethereum’s network security infrastructure.
To fund further expansion, SharpLink raised $79 million through an at-the-market equity offering. The company secured authorization to issue up to $1 billion in equity for additional Ethereum acquisitions.
The announcement fueled extreme share price volatility, with SharpLink stock peaking at $124.12 in late May before experiencing sharp declines. This pattern reflects heightened speculative trading activity surrounding the company’s cryptocurrency strategy.