SharpLink Gaming Inc. (NASDAQ:SBET) has continued its aggressive expansion into digital assets with a fresh $66.63 million purchase of Ethereum (CRYPTO: ETH).
What Happened: The company acquired 18,680 ETH just minutes before the update was flagged by on-chain analytics platform Lookonchain.
With this transaction, SharpLink now holds 498,711 ETH, valued at approximately $1.81 billion at current prices, making it one of the most prominent corporate holders of Ethereum globally.
Founded in 2021 and publicly traded on the Nasdaq, SharpLink originally operated as a sports betting and iGaming technology provider.
Over the past year, however, the company has undergone a dramatic strategic pivot, focusing heavily on digital asset accumulation, particularly Ethereum, and repositioning itself as a crypto-native treasury-first enterprise.
SharpLink's aggressive ETH purchases have come in waves, with multiple large-scale wallet transfers tracked on-chain throughout 2025.
The company has not publicly commented in detail on the rationale behind its Ethereum strategy, but its recurring multi-million-dollar acquisitions signal a long-term belief in Ethereum’s value as a treasury reserve and possibly a foundational element for future blockchain-based gaming or betting infrastructure.
Why It Matters: Today's purchase coincided with a sharp rise in SharpLink's stock price.
Shares jumped 12.66% to $19.31 as of 11:13 a.m. ET on August 4, up from the previous close of $17.14. The day's high touched $20.14 before slightly retreating, according to data from Benzinga Pro.
Longer-term price action has been even more dramatic.
Over the past six months, SBET stock has surged 281.55%, according to data, riding on investor enthusiasm for its Ethereum-heavy balance sheet and speculative exposure to crypto markets.
The stock has traded in an extraordinary range this year, from as low as $2.26 to as high as $124.12, underlining both extreme volatility and market intrigue.
SharpLink currently commands a $2.07 billion market cap with an average daily volume of 42.27 million shares.
The company's financial statements have yet to reveal significant operating income from Ethereum holdings, but the sheer size of its treasury indicates a Strategy (NASDAQ:MSTR)-style play, only built around Ethereum rather than Bitcoin (CRYPTO: BTC).
Read Next:
