SharpLink Gaming has solidified its position in the cryptocurrency market by acquiring 176,271 Ether (ETH), valued at approximately $463 million. This acquisition establishes the company as the largest publicly traded holder of ETH globally.
The company has actively deployed over 95% of its acquired ETH holdings into staking protocols and liquid staking platforms. This move aims to generate yield while simultaneously contributing to the security of the Ethereum network.
Marking a significant shift in corporate treasury strategy, SharpLink CEO Rob Phythian announced that ETH is now the firm’s ‘primary treasury reserve asset’. This decision represents a notable departure from traditional corporate treasury approaches that typically favor Bitcoin.
It is noted that while SharpLink holds the largest position among publicly traded companies, larger ETH holdings exist; the Ethereum Foundation holds 214,129 ETH, and BlackRock controls 1.7 million ETH, though these entities manage their holdings under distinctly different mandates.
The announcement impacted SharpLink’s stock price, initially triggering a 400% surge followed by a sharp correction. Market analysts attribute this volatility partly to misinterpretations of an associated SEC filing.