SharpLink Gaming Buys 79,949 ETH as SBET Stock Surges 16%

• SharpLink Gaming bought 79,949 ETH for $258 million, increasing its total holdings by 29%.

• The company’s stock (SBET) rose over 16% and is trading just below $30.

• Ether Machine and BitMine Technologies are closing in on SharpLink’s lead in corporate ETH holdings.

SharpLink Gaming has made headlines after purchasing 79,949 ETH in a week, marking its largest Ethereum acquisition. According to a recent press release, the company spent $258 million at an average price of $3,238 per ETH.

This purchase pushes SharpLink’s total Ethereum holdings to 360,807 ETH, an increase of 29% from the previous week. The move strengthens SharpLink’s position as the largest corporate holder of ETH, with a concentration rate of 3.06%.

Staking rewards have also been on the rise. Since June 2, the company has earned 567 ETH through staking activity. The announcement follows Ethereum’s recent six-month high of over $3,800, reflecting growing institutional interest in the asset.

SBET Stock Climbs on ETH Momentum

After the purchase, SharpLink’s stock (SBET) surged by over 16%, reaching $29. TradingView data shows the stock is currently just below the $30 mark.

Chairman Joseph Lubin stated that the company’s ability to secure ETH at strategic price points is key to enhancing shareholder value and Ethereum concentration. “Disciplined execution of our treasury growth strategies continues to drive our ETH-focused operations,” said Lubin.

SharpLink’s move comes when Ethereum’s market strength aligns with increasing corporate demand for digital assets. Ethereum is currently trading at $3,674, up 19.87% in the past seven days.

Competition Builds Among Corporate ETH Treasuries

While SharpLink is now leading the ETH treasury race, the position is being challenged. Ether Machine is preparing to launch with a $1.6 billion ETH portfolio. Upon activation, it will hold over 400,000 ETH, overtaking SharpLink.

BitMine Technologies is also close behind, holding more than 300,000 ETH. In addition, Bit Digital has increased its treasury to 120,306 ETH, further intensifying the competition among Ethereum-focused companies.

The regulatory landscape appears more favorable as well. SEC Chair Paul Atkins recently confirmed that Ethereum is not classified as a security.

Lubin also welcomed the signing of the GENIUS Act, noting it will support companies aiming to grow their ETH treasuries. “This legislation offers the regulatory clarity needed for long-term ETH strategies,” Lubin said.