SharpLink Pushes Past 310,000 ETH With Latest Buys — What’s Driving the Buying Frenzy?

SharpLink has added to its already massive Ethereum holdings with another multimillion-dollar purchase this week, continuing a buying streak that has turned the sports-tech firm into one of the largest known corporate holders of ETH.

On Wednesday, the Nasdaq-listed company purchased 6,377 ETH, worth about $19.56m at current prices. That brings SharpLink’s total to nearly 312,000 ETH, valued at roughly $974m, based on Wednesday’s price of $3,122.98 per coin.

The latest buy follows a 24,371 ETH purchase made on July 15, a $73m outlay. Between July 7 and July 13, SharpLink picked up another 74,656 ETH for $213m, averaging $2,852 per coin.

SharpLink Buys 10K ETH Directly From Ethereum Foundation

In one of the most notable transactions, the company directly acquired 10,000 ETH from the Ethereum Foundation.

SharpLink(@SharpLinkGaming) bought another 6,377 $ETH($19.56M) today.

In the past 7 days, they've accumulated 91,330 $ETH($275M).https://t.co/8pOfvpDWym pic.twitter.com/NGepBvYcP4

— Lookonchain (@lookonchain) July 16, 2025

Since late May, SharpLink has been accumulating Ethereum in large batches, often moving funds on-chain through major centralized exchanges and over-the-counter addresses. This deliberate strategy suggests a long-term view, possibly tied to expectations of major price moves or upcoming upgrades to the Ethereum protocol.

The company’s pivot into Ethereum marks a strategic shift. While it remains focused on its core business in sports betting and iGaming, SharpLink is now using ETH as its primary treasury reserve asset. That decision came after a $425m private placement led by Consensys, with participation from Pantera Capital, Electric Capital and ParaFi Capital. The move was first announced on May 27, 2025.

SharpLink Nears Ethereum Foundation in Holdings Size

CEO Rob Phythian has framed the acquisitions as a defining moment for public company engagement with crypto. He said over 99% of SharpLink’s Ethereum holdings are staked or restaked in protocols to generate yield while supporting the security of the Ethereum network.

Ethereum co-founder and Consensys CEO Joseph Lubin, who now chairs SharpLink’s board, has described the firm’s strategy as a public-market proxy for Ethereum exposure, similar to MicroStrategy’s approach with Bitcoin. Lubin emphasized Ethereum’s importance for decentralized applications and digital commerce, pointing to favorable U.S. legislation as a major tailwind.

With its daily buying spree showing no signs of slowing, SharpLink could soon overtake the Ethereum Foundation itself, which currently holds around $725m worth of ETH. The company’s positioning reflects a broader trend, as corporations increasingly look beyond Bitcoin and toward Ethereum as a programmable, yield-bearing asset.

Investors are taking notice. SharpLink’s stock was up more than 14% in pre-market trading on Wednesday.