SharpLink Gaming (SBET) just made a huge Ethereum (ETH) purchase, further solidifying its position as a top crypto holder among publicly traded companies.
A Half-Billion Dollar ETH Grab
In the week of August 10th-17th, 2025, they bought a whopping 143,593 ETH! This brings their total ETH holdings to over $3 billion. They funded this $537 million purchase using profits from a registered direct offering ($390 million) and their at-the-market (ATM) facility ($146 million). The average price paid was $4,648 per ETH – about 8% higher than the current market price. Their total ETH stash now sits at 740,760, and they’ve also earned 1,388 ETH in staking rewards since starting their treasury strategy on June 2nd. They still have $84 million in cash ready for more ETH purchases.
Still Playing Catch-Up
While impressive, SharpLink Gaming’s holdings are still smaller than BitMine Immersion Technologies. BitMine currently holds over 1.5 million ETH (worth over $6.6 billion), making them the world’s largest ETH treasury holder.
Positive Regulatory Developments Fueling the Market
SharpLink Gaming highlighted the importance of positive regulatory changes in 2025, specifically mentioning the GENIUS Act and the SEC’s Project Crypto. The GENIUS Act regulates stablecoins, requiring full backing by liquid assets and audits, prioritizing stablecoin holders in case of failure. Project Crypto aims to modernize digital asset regulations with clearer classifications, updated custody standards, and incentives for tokenized markets and licensed crypto super-apps. These developments are boosting investor confidence in ETH and the broader crypto market.
ETH Price Volatility Remains
Despite the positive regulatory landscape and institutional accumulation, ETH’s price remains volatile. Some hedge funds are currently shorting ETH. At the time of writing, ETH is trading at $4,195, down 1.6% in the last 24 hours. However, analysts predict a bullish trend and potential new all-time highs after this period of volatility.
