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By Krisztian Sandor|Edited by Stephen Alpher
Updated Jun 13, 2025, 4:15 p.m. Published Jun 13, 2025, 4:05 p.m.
- SharpLink Gaming acquired 176,271 ether for nearly $463 million, becoming the largest ETH holder among publicly traded companies.
- The firm raised $79 million through its at-the-market facility, primarily for ETH acquisition, following a regulatory filing that allowed private placement investors to sell shares.
- SharpLink’s shares remain lower by 66% on Friday, but even with that plunge are still ahead by more than 500% since announcing the ETH treasury strategy several weeks ago.
SharpLink Gaming (SBET), the public firm pivoting to a crypto treasury strategy focused on Ethereum, revealed on Friday it acquired 176,271 ether
for nearly $463 million.
The purchase makes the firm the largest ETH holder among publicly traded companies, SharpLink said in a press release.
STORY CONTINUES BELOW
The company tapped its $1 billion at-the-market (ATM) common stock share facility for $79 million to help fund the ETH acquisition.
The ETH purchase announcement came on the heels of a Thursday regulatory filing that potentially enabled investors in the firm’s private placement round to sell shares, sending stock prices down 70% after market hours. Some speculated that the firm might have leaned more heavily into the ATM to announce a bigger larger crypto purchase. Shares remain lower by 66% in Friday action.
SharpLink in one of the growing roster of public companies that recently pivoted to add cryptocurrencies to their balance sheets. It raised $450 million earlier this month through a private round from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital, to buy ETH. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman.
Shares exploded 4,300% higher in a bit more than a week following the firm’s crypto strategy in May, but have given back more than 90% of the rally this month.
After the massive price swings and today’s decline, shares still trade around 500% higher than before the treasury pivot.
Read more: Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
