SharpLink Gaming has significantly increased its exposure to Ethereum through a major acquisition of 11,259 ETH worth $43 million. Facilitated through institutional crypto services firm Galaxy Digital, the tokens were purchased at an average price of $3,827 each.
This transaction elevates SharpLink’s total Ethereum holdings to 449,000 ETH, valued at approximately $1.74 billion at current market prices. With an average cost basis of $3,011 per ETH across its cumulative purchases, the company now reports an unrealized gain of roughly $386 million.
The strategic accumulation reflects SharpLink’s bullish outlook on Ethereum’s growth trajectory and expanding ecosystem, including decentralized finance and non-fungible token applications. While positioning for potential appreciation, the investment exposes the company to cryptocurrency market volatility risks inherent to the asset class.