SharpLink Becomes Largest Known ETH Holder, Surpassing Ethereum Foundation

SharpLink Gaming, Inc. (Nasdaq: SBET) has become the largest known holder of Ethereum (ETH), with holdings now totaling approximately 270,000 ETH, surpassing the Ethereum Foundation’s 242,500 ETH.

Earlier today, the company purchased an additional 16,374 ETH worth $48.85 million, bringing its five-day total to 60,582 ETH, valued at around $180 million. Since June, SharpLink has been steadily accumulating ETH at an average price of $2,667, now holding an unrealized gain of $81.8 million.

Notably, part of this accumulation includes a 10,000 ETH purchase directly from the Ethereum Foundation last week.

SharpLink Acquires 10,000 ETH from Ethereum Foundation in Strategic Move

Joseph Lubin, Chairman of SharpLink, Co-Founder of Ethereum, and CEO of ConsenSys, described the move as part of a long-term strategic commitment. “At a time when Ethereum is entering a new era of institutional relevance, we are proud to support the network’s long-term strength and decentralization mission,” he said.

Lubin clarified that the company’s ETH activity is not speculative. SharpLink is acquiring, staking, and restaking ETH with the goal of reducing circulating supply and reinforcing Ethereum’s ecosystem. He added that the effort reflects a broader mission to advance decentralization, economic empowerment, and protocol-native finance.

Historically, Ethereum Foundation token sales have sparked bearish sentiment, often viewed as insider exits. This time, the narrative shifted as the ETH was acquired by SharpLink, now dubbed the “MicroStrategy of ETH” for its accumulation-focused approach. The community responded positively, with many considering the ETH effectively removed from circulation.

Community voices also defended the Foundation’s decision to sell, highlighting the need to fund development work, "Major upgrades like the Merge, Pectra, and everything else that makes Ethereum strong do not happen without engineers and researchers."

SBET Up 63% in 7 Days, Trading at $23.80 Pre-Market

As of the latest pre-market data, SBET is trading at $23.80, reflecting a $2.15 increase (+9.93%) from the previous close of $21.65. The stock had already surged 17.15% during regular trading hours on July 11. Over the past seven days, SBET has recorded a notable 63.15% gain, highlighting growing investor confidence amid the company’s aggressive ETH accumulation strategy.