SharpLink Gaming Acquires $463M in Ethereum, Ranks No. 2 Holder

SharpLink Gaming Inc. announced a major acquisition, securing $463 million worth of Ethereum, placing it as the second-largest holder globally behind the Ethereum Foundation, as confirmed on June 13, 2025.

SharpLink’s significant ETH investment reflects a strategic focus on digital assets, sparking investor concern and market volatility, with its stock plummeting over 65% following the announcement.

SharpLink Becomes Second-Largest Ethereum Holder Globally

SharpLink Gaming initiated a landmark move by acquiring $463 million in Ethereum, now ranked second globally as the largest holder. This strategic acquisition highlights the company’s pivot towards incorporating digital assets in its financial strategy.

Led by Rob Phythian, the company aims to capitalize on Ethereum’s prominence in decentralized commerce. The acquisition was funded through a PIPE transaction and an ATM equity program, cementing its stake in digital finance.

SharpLink Share Price Drops 65% Post-Acquisition News

The investment substantially boosted Ethereum’s staking activity, enhancing network security. Despite the strategic move, SharpLink’s shares experienced a sharp decline, reflecting investor skepticism about investing heavily in Ethereum.

Potential outcomes include heightened attention from regulators, though no official regulatory stance has emerged yet. Past public acquisitions of digital assets often result in short-term volatility, illustrating market uncertainty.

Comparison to Tesla, MicroStrategy’s BTC Holdings

This acquisition reflects parallels with Tesla and MicroStrategy’s large BTC holdings. Such actions have historically affected market narratives, affecting asset volatility and discussion on corporate treasury management strategies.

Experts suggest that similar moves in the past led to immediate asset price shifts and discussions on corporate-level digital finance. Analyst views indicate that the ETH purchase aligns with broader trends in digital asset adoption.

“This is a landmark moment for SharpLink and for public company adoption of digital assets. We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications. Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.” – Rob Phythian, CEO, SharpLink Gaming, Inc.