Ethereum is gaining traction as a treasury reserve asset, and Minneapolis-based affiliate marketing and iGaming software firm SharpLink isn’t slowing down on its buying spree.
On July 14, SharpLink made another major ETH purchase, adding 24,371 ETH to its holdings at an average price of $2,695. According to EmberCN data, the total value of the acquisition came to $73.2 million.
The move followed two earlier purchases on the same day, when the company scooped up more than 38,700 ETH for about $113 million. In total, SharpLink bought over 63,000 ETH within a single day.
With its aggressive buying strategy, SharpLink’s total holdings have climbed to 294,000 ETH, overtaking the Ethereum Foundation as the largest known corporate holder of Ethereum.
“Ethereum isn’t part of our strategy, it is our strategy,” the firm has consistently said, positioning itself as a long-term player in Ethereum’s future as a financial base layer.
SharpLink isn’t the only firm shifting toward ETH-heavy reserves. Two other companies, Bit Digital and BitMine Immersion, have also made bold moves into Ethereum, backing the asset with hundreds of millions of dollars in recent months.
Earlier this month, Bit Digital, a Nasdaq-listed mining company, announced it had converted all of its Bitcoin holdings into Ethereum, becoming one of the first public firms to make such a switch. BitMine Immersion followed with a $500 million investment, adopting a similar treasury model focused squarely on ETH.
What started as individual strategies is now becoming a collective signal. All three firms have publicly acknowledged each other’s efforts. In posts on X, they praised one another’s commitment to Ethereum and emphasized their shared mission.
“The three of us race against each other, but ultimately we are all aligned to a greater cause: to unleash the power of Ethereum,” wrote Bit Digital CEO Sam Tabar.
As it stands, BitMine and Bit Digital hold approximately 163,000 ETH and 100,000 ETH respectively, placing them just behind SharpLink as the second and third largest corporate ETH holders.
