Main Points：
- SharpLink Gaming (NASDAQ: SBET) has become the world’s largest corporate holder of Ethereum (ETH), surpassing the Ethereum Foundation.
- As of July 13, 2025, SharpLink held 287,068 ETH, and on July 15 added another 24,371 ETH via Coinbase Prime—bringing total holdings to ≈294,439 ETH (≈$912.8 million).
- Between July 7–11, SharpLink raised $413 million through an ATM offering of 24.57 million shares, using proceeds to buy 74,656 ETH at an average price of $2,852.
- Since launching its ETH treasury strategy on June 2, the firm has earned 415 ETH from staking and allocated 99.7% of its ETH to staking protocols to maximize yield.
- The Ethereum Foundation holds about $665 million in ETH, according to Arkham Intelligence data, making SharpLink’s treasury nearly 37% larger in USD terms.
Background: SharpLink’s Bold Ethereum Strategy
SharpLink Gaming began 2025 with a conservative balance sheet dominated by cash and marketable securities. On June 2, the company announced a strategic pivot—adopting Ethereum as a core treasury reserve asset. This marked a departure from traditional corporate treasury roles, signaling confidence in DeFi’s maturation and ETH’s network fundamentals. Over just six weeks, SharpLink executed a disciplined accumulation plan leveraging both equity issuance and market purchases to amass one of the largest single-company Ethereum treasuries ever recorded.
Funding the Purchases: ATM Offering and OTC Deals
In the period of July 7–11, SharpLink tapped its At-The-Market (ATM) equity program, issuing 24,572,195 shares to institutional and retail investors and raising $413 million in net proceeds. These funds underwrote the acquisition of 74,656 ETH at a weighted average cost of $2,852 per ETH. Simultaneously, an over-the-counter (OTC) swap facilitated by the Ethereum Foundation moved 10,000 ETH (≈$25.7 million) into SharpLink’s wallet—further consolidating its position.
Timeline of Key Accumulations
- June 2, 2025: Launch of treasury strategy; initial ETH staking yields begin.
- July 7–11, 2025: ATM equity offering raises $413 million → purchase of 74,656 ETH.
- July 13, 2025: Total holdings reached 287,068 ETH.
- July 15, 2025: Coinbase Prime purchase adds 24,371 ETH → total ≈294,439 ETH.
Staking Yield: Putting ETH to Work
SharpLink reports that 415 ETH have been earned in staking rewards since June 2. With 99.7% of its ETH allocated to staking protocols, the firm prioritizes yield generation and network security contributions—reinforcing a long-term, capital-efficient approach to DeFi treasury management. This aligns with broader trends: institutional investors are increasingly staking assets to secure networks and earn interest, bolstering passive yield strategies against low-yield cash alternatives in a rising-rate environment.
Market Impact and Price Dynamics
Ethereum’s price has surged in parallel with growing institutional demand. On July 16, ETH broke above $3,100—its highest level in 2025—on the back of renewed macro optimism and network upgrade anticipation. Market observers attribute over 550,000 ETH of institutional purchases in the past month to investment firms and publicly traded companies like SharpLink. By contrast, the Ethereum Foundation has occasionally rebalanced its reserves—selling 1,210 ETH for $3.5 million and transferring 7,000 ETH between internal wallets in early July—to maintain operational fiat reserves.
Chart: Corporate ETH Treasury Comparison
The following bar chart compares the ETH treasury values (in USD millions) of SharpLink Gaming and the Ethereum Foundation, based on latest holdings and ETH price of $3,100.
(Chart generated above via python_user_visible)
Surpassing the Ethereum Foundation
According to Arkham Intelligence, the Ethereum Foundation’s treasury is valued at $665 million, down from previous highs after routine OTC sales to fund ongoing development. SharpLink’s current ETH value of $912.8 million positions it firmly at the top of the corporate holdings leaderboard—nearly 37% larger in USD terms than the Foundation’s assets. This milestone underscores a shift: publicly traded companies are now allocating tens or hundreds of millions to digital assets, diversifying away from fiat reserves.
Drivers of Institutional ETH Adoption
Several factors converge to drive institutional ETH accumulation:
- Proof‑of‑Stake Yields: Annualized staking rewards (~4–6%) offer attractive returns versus cash.
- EIP Upgrades: Network enhancements (sharding, ZK‑rollups) boost scalability outlook.
- Regulatory Clarity: Jurisdictions like the U.S. and EU are defining frameworks for digital asset treasuries.
- DeFi Maturation: Institutional-grade custody, insurance, and reporting tools reduce operational risk.
These dynamics create a positive feedback loop: rising prices encourage further treasury allocations, while high-profile corporate endorsements validate Ethereum’s role in modern corporate finance.
Future Outlook: What Comes Next?
SharpLink signals plans to continue adding ETH as long as market conditions remain favorable and excess capital is available. With $257 million in unallocated cash as of July 13, the company has dry powder for further purchases. Market strategists anticipate that if even a fraction of corporate cash reserves globally rotates into ETH, prices could break new highs—potentially testing $4,000 by year-end, according to some forecasts. Meanwhile, the Ethereum Foundation will likely maintain its treasury policy—selling ETH to cover operational needs while steering network protocol upgrades.
Conclusion
SharpLink Gaming’s rapid ascent to become the largest corporate ETH holder marks a watershed moment in decentralized finance adoption. By raising capital through equity issuance and executing disciplined purchases, the company has not only outpaced the Ethereum Foundation but also highlighted a broader institutional embrace of proof‑of‑stake assets. As ETH’s price and institutional yields continue to climb, SharpLink’s strategy may well become a template for other public companies seeking to optimize treasury returns. In tandem, Ethereum’s network upgrades and regulatory progress will play a pivotal role in cementing its status as a mainstream corporate reserve asset.
