Sharplink tops Ethereum Foundation as largest ETH holder

SharpLink Gaming has officially become the largest corporate holder of Ethereum, surpassing even the Ethereum Foundation.

On July 15, the company revealed it owns 280,706 ETH, valued at $867 million. The company’s impressive ETH holdings grew significantly between July 7 and July 13. During this period, SharpLink purchased 74,656 ETH for $213 million, with an average price of $2,852 per coin.

The firm also announced that 99.7% of its ETH holdings are staked, generating an additional 415 ETH since June 2. Since June 13, the company’s ETH concentration has increased by about 23%.

Joseph Lubin, Chairman of SharpLink, emphasized that these holdings represent the dawn of “collective capitalism,” where businesses build for the community, not just for profit. He stressed that Ethereum’s decentralized, permissionless nature is essential for fostering free markets.

He added:

Collective capitalism is built on the foundations of radically free markets only possible on a permissionless, uncensorable, rigorously decentralized Layer 1 blockchain.”

Following the news, the firm’s stock rose by 20% to $28, according to Google Finance data.

Ethereum treasury strategy gains traction

SharpLink’s announcement aligns with a broader trend of companies beginning to adopt the Ethereum Treasury Strategy.

Over the past 30 days, approximately 10 firms, including SharpLink, have purchased more than 550,000 ETH, totaling $1.65 billion in acquisitions.

Some of these entities were previously Bitcoin miners like Bitmine Immersion Technologies, which recently shifted its focus to the second-largest digital asset.

Kyle Reidhead, co-owner of Milk Road, predicted that this trend is expected to continue, with firms possibly purchasing up to $2 billion worth of ETH in the coming month and $3 billion the following month.

He also noted that the growth of stablecoins and favorable regulations could further fuel Ethereum’s demand.

He stated:

“In the last 30 days, these treasury companies have bought .5% of the entire ETH supply and moved it into Ethereum DeFi smart contracts (via staking or lending). Remember, unlike the ETFs, these companies don’t sell. They only buy (at least for now). This is going to create a supply shock for ETH over the coming months, there’s really no way around it.”

As of press time, about 1,520,715 ETH (worth over $4.5 billion) is locked in various Ethereum reserves belonging to 52 companies. Strategic ETH Reserve data shows that these holdings amount to 1.31% of the digital asset’s total supply.

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