SharpLink Gaming becomes the world’s largest corporate holder of ETH. An announcement that disrupts the historical balance of the Ethereum network… and perhaps marks the beginning of a new era.
280,706 ETH in the Vault: A Bold Strategy
The figure resonates like a declaration of war against the historical giants of Web3. SharpLink Gaming (SBET), a Nasdaq-listed company, now holds 280,706 ETH, equivalent to approximately $840 million. This amount surpasses even the holdings of the Ethereum Foundation itself, the guardian of the protocol since its inception.
In just a week, SharpLink raised $413 million by issuing over 24 million shares between July 7 and July 11, 2025. A lightning operation followed by a massive acquisition of 74,656 ETH at an average price of $2,852 each.
And it doesn’t end there: $257 million is still available to continue shopping.
ETH foundation relegated to the background
It’s a first. Historically, it was the Ethereum Foundation that dominated institutional wallets with a reserve estimated today at $665 million in ETH. But SharpLink not only surpassed this threshold, it even directly repurchased 10,000 ETH from the Foundation in an off-exchange transaction.
This symbolic shift crystallizes the arrival of financial players in the heart of the Ethereum network. And some will see it as a form of irony: a private actor owning more ETH than the organization behind the project.
A Strategy Modeled on Bitcoin’s Model
SharpLink follows a well-identified trend since Michael Saylor’s playbook with Strategy: transforming its cash reserve into a reserve of crypto-assets.
But unlike BTC giants, the firm bets on Ethereum. It stakes its ETH, operates validators, and is already earning rewards: 415 ETH accumulated since the start of the operation in June, amounting to $1.2 million at the current rate.
And to underline the credibility of its strategy, SharpLink has enlisted a heavyweight in the industry: Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, joins the company as chairman of the board.
ETH, a New Eldorado for Public Treasuries?
SharpLink’s move could have a ripple effect. Other listed companies like Bitmine Immersion Technology (BMNR) or BIT Digital (BTBT) have initiated a similar strategy, betting on Ethereum rather than Bitcoin.
The rise of these players reshuffles the deck: Ethereum becomes not only an infrastructure protocol, but also a strategic asset for listed companies.
A Capital Turning Point for Ethereum
This power grab by SharpLink raises a question: who controls the future of Ethereum?
While the network technically decentralizes, its financial centralization could very well become the next battleground.
