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TLDR:
- SharpLink acquired 176,271 ETH at an average price of $2,626 per coin.
- Over 95% of SharpLink’s ETH is already deployed in staking platforms.
- Ethereum co-founder Lubin says the move supports DeFi and network security.
- SharpLink becomes the first Nasdaq-listed firm to adopt ETH as a treasury asset.
SharpLink Gaming has taken a bold step into digital assets, acquiring a massive amount of Ethereum (ETH). The company now holds the largest ETH reserve of any publicly-traded firm. This move comes amid growing interest in blockchain by traditional markets.
SharpLink confirmed its ETH stash now exceeds 176,000 coins, most of which are already earning rewards through staking. The timing aligns with increased ETH network activity and shifting sentiment in crypto.
SharpLink Finalizes $463M ETH Acquisition
On June 13, SharpLink Gaming revealed its purchase of 176,271 ETH for $462.9 million. The average acquisition price per ETH was $2,626, including all fees. This milestone follows an earlier private investment round completed on May 26.
The company also sold equity worth $79 million through its at-the-market facility. According to the disclosure, most proceeds were used to increase ETH holdings. With this, SharpLink now trails only the Ethereum Foundation in ETH ownership.
SharpLink stated that over 95% of its ETH is already deployed in staking and liquid staking platforms. These assets contribute to Ethereum’s security while generating returns. CEO Rob Phythian noted this reflects SharpLink’s belief in Ethereum as a long-term store of value and utility.
Joseph Lubin, Ethereum co-founder and chairman at SharpLink, added that the company’s move supports decentralized finance. He said staking reinforces Ethereum’s reliability while offering a source of ETH-based yield.
Ethereum Price Analysis
Despite SharpLink’s major investment, Ethereum’s price recently dropped to $2,553, based on CoinGecko data. ETH is down over 6% in the last 24 hours, though up 2.98% for the week. Trading volume surged 51.8%, suggesting renewed market attention.
Ethereum dropped to the bottom of a key rising channel, as noted by Zen, a crypto analyst on X. This structure has held since early May, with upper and lower boundaries tested multiple times.
The recent decline saw ETH sweep liquidity below $2,475, reinforcing this zone as a crucial short-term support. The current 8-hour chart shows no confirmed bullish signals, leaving room for another retest of this level.
Ethereum’s next short-term target is the 20-day Simple Moving Average (SMA) around $2,592, according to Zen. This area also aligns with a double fair value gap, a potential magnet for price action.
Above that, ETH could attempt to reach higher levels near $2,680 or $2,789. But failure to reclaim the daily MA may expose the asset to further downside toward $2,379 or $2,346.
📉 Ethereum review 📈
The bullish bounce didn’t happen — $ETH dropped all the way to the bottom of the rising channel, sweeping liquidity below $2,475
At this point, I think no one doubts the validity of this channel — both boundaries have been tested four times, making it… https://t.co/1LMidO1cqk pic.twitter.com/xcZ7lzTAiT
— Zen (@WiseAnalyze) June 13, 2025
SharpLink’s move marks the first time a Nasdaq-listed firm has adopted ETH as a treasury reserve asset. The firm aims to offer shareholders exposure to Ethereum’s long-term value and on-chain income streams.
From May 30 to June 12, SharpLink sold shares under its $1 billion ATM program to fund these purchases. With lawmakers in the U.S. working on new digital asset rules, the company appears to be positioning itself for the future of tokenized finance.
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