SharpLink Gaming has purchased 176,271 ETH, staking most to boost the broader Ethereum network security, a boost for price growth.
Ethereum ETH $2 579 24h volatility: 0.3% Market cap: $311.48 B Vol. 24h: $25.16 B is making headlines this week as SharpLink Gaming revealed a massive crypto investment that placed the company among ETH’s top holders.
This bold financial strategy involved purchasing over 176,000 ETH. The announcement has sparked intense discussions within the crypto community and may influence Ethereum’s short-term price direction.
Sharplink’s ethereum move sparks industry reactions
Ethereum, the second-largest digital asset, has become the focus of a major market discussion following a recent post on X by CryptoQuant. As revealed, SharpLink Gaming has confirmed the purchase of 176,271 ETH valued at approximately $463 million.
SharpLink just bought 176,271 ETH ($463M): now the largest public Ethereum holder.
CryptoQuant is the first to track its portfolio on-chain. pic.twitter.com/ilO6p3HfFC
— CryptoQuant.com (@cryptoquant_com) June 16, 2025
It is worth noting that the purchase positioned SharpLink as the largest public ETH holder after the Ethereum Foundation.
The average price for the purchase was reported as $2,626 per coin. While this figure might seem high, over 95% of the Ethereum acquired is already used in staking or liquid staking protocols.
This means most of the assets are locked up to support the network and earn yield for the company. In addition, funding for the purchase came from a combination of equity sales and private placements.
Reports show SharpLink raised $79 million since May 30. This points to a well-organized plan, not just a sudden buying spree.
Joseph Lubin, Ethereum co-founder and now Chairman of SharpLink, played an important role in the move. His involvement has given further weight to the strategy and triggered deeper interest in how SharpLink intends to shape its crypto position moving forward.
SharpLink Gaming (SBET) saw its shares plunge by over 70% recently in overnight trading. The dip took the SBET shares to around $10.55, a massive plunge from the peak price of $124.
Current ETH purchases may reignite interest in the firm’s stock.
What this means for ethereum’s price and market confidence
SharpLink’s purchase of Ethereum comes off as a sign of growing trust in crypto among public companies.
Many are comparing it to Strategy’s approach with Bitcoin BTC $107 150 24h volatility: 1.2% Market cap: $2.13 T Vol. 24h: $34.30 B , which helped boost that asset’s long-term performance. Strategy recently issued $979.7 million worth of high-yield 10% preferred stock (STRD) to fund more Bitcoin purchases.
Based on general perception, the focus on staking also suggests SharpLink is not just after short-term gains but is betting on Ethereum’s value in network security and future use cases.
Still, Ethereum’s price dipped to $2,499 amid a wave of selling over the past week. However, it has now gained more stability. As of writing, Ethereum was trading at $2,616.94, marking a 3.62% increase over the past 24 hours.
With SharpLink’s large holdings and plans to acquire more, investors are watching closely.
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