- SharpLink Gaming bought $49 million worth of Ethereum on Sunday and now holds the world’s largest corporate ETH treasury worth $608 million.
- Ethereum co-founder Joseph Lubin chairs the company’s board and believes ETH treasuries are essential for the blockchain ecosystem’s growth.
- ETH broke above $3,000, and corporate Ethereum reserves across all companies have reached $4.1 billion in total value.
NASDAQ-listed sportsbook marketing company SharpLink Gaming purchased nearly $49 million worth of Ethereum (ETH) on Sunday, capitalizing on the cryptocurrency’s surge past the $3,000 milestone. The strategic acquisition reinforces the firm’s aggressive ETH accumulation strategy under the leadership of Ethereum co-founder Joseph Lubin.
The transaction involved 16,370 ETH tokens valued at $48.7 million, sourced from a wallet linked to Ethereum development organization Consensys. This purchase follows SharpLink Gaming’s Friday acquisition of 10,000 ETH from the Ethereum Foundation, demonstrating sustained institutional demand for the world’s second-largest cryptocurrency.
SharpLink Gaming Emerges as Top Corporate ETH Holder
SharpLink Gaming now commands the largest corporate Ethereum treasury globally, holding 198,300 ETH worth approximately $608 million at current market prices. The company’s holdings comprise 181,860 Liquid Staked ETH (LSETH) and 16,419 standard ETH tokens, surpassing even the Ethereum Foundation’s reserves of 197,400 ETH.
The firm’s pivot to cryptocurrency treasury management began in late May when it announced a $425 million private investment agreement with Consensys participation. Joseph Lubin simultaneously joined as board chairman, bringing significant blockchain industry expertise to the sportsbook marketing company.
Corporate Ethereum reserves across all companies have reached 1.34 million ETH, representing nearly $4.1 billion in total value. This trend reflects growing institutional adoption of cryptocurrency as a treasury asset, mirroring earlier corporate Bitcoin accumulation strategies.
Ethereum Co-Founder Drives Treasury Strategy
Joseph Lubin emphasized the critical importance of ETH treasuries for ecosystem development during his Wednesday remarks. The Ethereum co-founder explained that substantial ETH circulation requires strategic capture to support healthy supply-demand dynamics as decentralized applications expand.
“It’s going to be critical to enable the supply-demand dynamics of Ether to be right-sized as we build more and more applications,” Lubin stated, outlining his rationale for joining SharpLink Gaming’s board.
According to Nansen data, the timing aligns with Ethereum’s recent price recovery, with ETH trading at $3,050. The cryptocurrency gained 3.5% over the previous 24-hour period, breaking above the psychologically significant $3,000 resistance level.
SharpLink Gaming’s aggressive ETH accumulation strategy positions the company at the forefront of corporate cryptocurrency adoption. The firm’s substantial holdings demonstrate institutional confidence in Ethereum’s long-term value proposition, particularly as the blockchain network continues expanding its decentralized finance and application ecosystem.
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