With 463 million USD ETH newly purchased, SharpLink officially surpasses Coinbase to become the publicly listed company holding the most ETH globally, second only to Ethereum Foundation.
SharpLink becomes the largest publicly listed ETH holder
On the evening of 13/06/2025, SharpLink Gaming announced that during the period of 30/05 - 12/06, they completed the transaction of buying 176,270.69 ETH with a total value of 462.9 million USD, equivalent to a Medium price of 2,626 USD per ETH.
This transaction makes SharpLink the public company holding the most ETH in the world, surpassing even the Coinbase exchange, ranking only after Ethereum Foundation (an unlisted organization).
This Capital comes from multiple sources, including a private investment in public equity (PIPE) that took place on 26/05 and 79 million USD from an ATM stock sale program. The company stated that most of the proceeds will continue to be used to buy more ETH in the future.
Over 95% of the held ETH has been used for Staking and Liquid Staking, contributing to increased security for the Ethereum network while helping the company generate natural yields on its assets.
#sharplinkgaming is pleased to announce that we have acquired 176,271 ETH for $463 Million,officially becoming largest publicly-traded ETH holder (Nasdaq: SBET). https://t.co/rS1ORyv6KT pic.twitter.com/ET1Jd1txSp
— SharpLink Gaming (@SharpLinkGaming) June 13, 2025
With this transaction, SharpLink Gaming officially becomes the first publicly listed Nasdaq company to openly deploy an ETH treasury strategy, similar to the "Bitcoin treasury" model of Strategy.
Despite the clear strategy, SBET stock price dropped sharply by over 70% in the trading session on 13/06, plummeting from 32 USD to below 10 USD.
SBET stock price movement of SharpLink Gaming. Image: Google Finance (07:45 PM on 13/06/2025)
Many rumors suggest that large investors have sold off their shares after the SEC filing disclosed their held stock quantities.
However, a SharpLink representative spoke out to deny this, stating that this was just a mandatory public filing and does not reflect actual selling actions. Joseph Lubin also confirmed that ConsenSys has not sold any SBET shares and warned investors about numerous fake MEME coins impersonating SBET for profit.
As previously reported by Coin68, Ethereum has been having a smooth June with strong growth driven by momentum from ETH ETFs, before experiencing a significant correction on the morning of 13/06 due to the potential risk of an Iran-Israel conflict.
Along with SharpLink, the trend of traditional companies raising Capital to establish cryptocurrency investment funds has been increasingly emerging, with notable names such as Trump Media (2.5 billion USD), Strive (750 million USD), GameStop (512 million USD), Reitar Logtech (1.5 billion USD), Classover (500 million USD), Vanadi (1.1 billion USD), Webus (300 million USD), K Wave Media (500 million USD), Mercury Fintech (800 million USD), Interactive Strength (500 million USD),...
Compiled by Coin68
