In the past seven days, SharpLink Gaming has purchased about 79,949 ETH. It spent $258 million at an average price of $3,238 per ETH, pushing its total Ethereum holdings to 360,807 ETH, a 29% increase compared to the previous week.
With this new haul, SharpLink strengthens its position as the largest corporate Ethereum holder. The timing of the purchase is noteworthy as Ethereum surged to a six-month high above $3,800. The company’s strategic buy also helped boost confidence in its stock, SBET, which jumped over 16% and briefly touched $29.
The company also reported a steady increase in staking rewards, reaching 567 ETH since June 2. This shows its holdings are not just sitting idle but generating passive returns.
Joseph Lubin, Chairman of SharpLink Gaming, explained the thinking behind the move. “The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value,” he said in a statement.
Despite the milestone, SharpLink may soon lose its top spot. A new competitor, Ether Machine, is set to launch with over 400,000 ETH on its books, putting SharpLink in second place. Another major player, BitMine Technologies, currently holds more than 300,000 ETH, and Bit Digital recently expanded its treasury to 120,306 ETH.
Meanwhile, the GENIUS Act was signed into law last week, and this is seen among investors as a shift for Ethereum-related companies
Joseph Lubin said this is a turning point. “We believe this ushers in a more supportive environment for companies like SharpLink to not only operate and grow, but also to harness the full potential of Ethereum,” he said.
SEC Chair Paul Atkins also added clarity, stating that Ethereum is not considered a security. This is expected to encourage more companies to adopt ETH as part of their financial strategy.
ETH ETFs have already seen record-breaking inflows, reaching about $756 million on this regulatory momentum. As of now, Ethereum is trading at $3,686, showing a 20.98% increase in the last seven days, according to CoinMarketCap.
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