SharpLink Gaming has acquired 176,271 Ether for $463 million, becoming the largest publicly traded holder of ETH. The Nasdaq-listed sports betting platform announced that it now treats Ether as its primary treasury reserve asset, with over 95% of its holdings deployed in staking and liquid staking platforms.

The move mirrors Strategy’s Bitcoin acquisition strategy. In February, the company, formerly known as MicroStrategy, acquired 20,356 BTC for approximately $2 billion, funded through a convertible note offering. It later added more Bitcoin to its holdings.

SharpLink’s Stock Swings After ETH Announcement

While Strategy has positioned itself as a corporate Bitcoin standard-bearer, SharpLink is taking a similar path with Ethereum. The firm said its ETH reserve is intended to offer shareholders direct economic exposure to the asset while supporting the Ethereum network through staking.

SharpLink’s strategy has sparked volatility. Its stock surged over 400% after announcing the ETH purchases in late May, only to drop sharply following an SEC filing that was misinterpreted as a mass selloff. Company executives later clarified that the filing was a routine registration, not insider selling.

You may find it interesting at FinanceMagnates.com: Saylor's Strategy Acquires 1,895 BTC for $180.3 Million; Bitcoin Forms Double Bottom.

Metaplanet Surpasses Block in Bitcoin Holdings

Another publicly listed firm, Metaplanet, has now become the eighth-largest corporate holder of Bitcoin, surpassing Block, Inc. The Tokyo-based company holds 8,888 BTC after acquiring 1,088 BTC at an average price of $104,079.

Its holdings have grown by 225% since the start of 2024, up from fewer than 2,000 BTC. The firm has funded its purchases through bond issuances, raising over 35 billion yen with the support of financial partner Evo Fund.

Source: Finance Magnates