SharpLink Gaming, a publicly traded sports betting tech firm, has caught Wall Street’s attention after announcing a fresh Ethereum purchase that boosted its total crypto treasury to over $527 million. The move pushed the company’s stock price nearly 26% higher on Tuesday, trading just under $16 a share on the Nasdaq.
According to a statement released this week, SharpLink acquired 7,689 ETH between June 28 and July 4, paying an average of $2,501 per coin. That brings the firm’s total holdings to 205,634 ETH—solidifying its position as one of the most aggressive corporate Ethereum holders in the market.
The company, best known for its digital engagement tools in sports betting, is using Ethereum as a balance sheet strategy to maximize long-term shareholder returns. Its bold accumulation echoes a growing trend among Nasdaq-listed firms shifting toward digital assets as part of their financial strategy.
Joe Lubin Backs New ETH Metric to Promote Shareholder Clarity
Joe Lubin, Ethereum co-founder and Consensys CEO, who also chairs SharpLink’s board, weighed in on the company’s evolving digital treasury model.
“By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today’s public markets,” Lubin said.
The new metric, dubbed “ETH Concentration,” is designed to provide investors with a clearer picture of how much Ethereum exposure is embedded in their SharpLink shares. The company says the figure is calculated by dividing its total ETH holdings by an assumed 1,000 diluted shares—essentially illustrating ETH-per-share value if all assets were converted.
This novel approach to financial transparency is being framed as a way to bridge the gap between traditional investors and the emerging world of crypto-powered treasuries, offering a more tangible measure of crypto-related shareholder value.
Following in Strategy’s Footsteps as Crypto Enters Corporate Finance
SharpLink only began acquiring Ethereum in May, but its aggressive pace has placed it firmly among the ranks of companies using crypto as a treasury reserve. This approach mirrors the path charted by Strategy—formerly MicroStrategy—which began its Bitcoin accumulation strategy in 2020 and now holds over 597,000 BTC, valued at approximately $65 billion.
Strategy’s high-profile success has inspired dozens of smaller firms to adopt similar models, turning digital assets into long-term balance sheet plays. SharpLink appears to be following suit with Ethereum rather than Bitcoin, positioning itself as a potential leader among ETH-focused corporate treasuries.
The results so far have been encouraging. Like many of its peers that have publicly disclosed crypto holdings—including in Solana, XRP, and Bitcoin—SharpLink has seen a sharp rise in investor interest and a corresponding boost to its stock price.
While critics argue these strategies rely on volatile assets, proponents say they offer an edge in inflationary environments and provide a modern hedge against traditional market risks. If Ethereum continues to perform, SharpLink may find itself at the forefront of a new wave of crypto-aligned corporate finance.
Quick Facts
- SharpLink Gaming now holds 205,634 ETH, worth over $527M.
- Company stock jumped 26% following latest Ethereum purchase.
- ETH Concentration metric introduced to gauge share-to-crypto exposure.
- Chairman Joe Lubin calls it a new standard in digital asset transparency.
