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SharpLink Gaming Acquires $463M in Ethereum, Becomes Largest Public ETH Holder
- Nasdaq-listed SharpLink Gaming acquires 176,270.69 ETH for around $462.95 million, making it the largest public holder of ETH.
- This acquisition positions SharpLink Gaming as the second-largest ETH holder after the Ethereum Foundation.
- The purchase reflects institutional confidence in Ethereum during a market downturn.
- SharpLink Gaming designates ETH as its primary treasury reserve asset, a first for a Nasdaq-listed company.
- Over 95% of SharpLink's ETH holdings are actively staked, contributing to network security and yielding rewards.
- The company raised $79 million through an ATM program, most of which was used to buy additional ETH.
- The cumulative ETH purchases boosted ETH-per-share growth by 11.8% since June 2, 2025.
- Ethereum Co-Founder Joseph Lubin supports SharpLink's move, seeing it as a crucial step in institutional Ethereum adoption.
- Lubin notes the strategic timing related to potential digital asset legislation in the U.S. Congress.
- SharpLink's ETH-centric strategy mirrors a trend of public companies seeking digital asset exposure.
- Shortly after the announcement, SharpLink Gaming's stock plummeted by 73%, attributed to investor misunderstanding and panic.
- The market reaction overshadowed the company's notable $463 million Ethereum treasury maneuver.
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