SharpLink Gaming has surged ahead of the Ethereum Foundation, becoming the largest ETH holder after a flurry of purchases over the weekend. According to on-chain data, the Nasdaq-listed company now holds 270,000 ETH, with unrealized profits exceeding $81 million. The recent 18% weekly gain in ETH price underscores the bullish sentiment, with the token demonstrating notable strength.
Nasdaq-listed SharpLink Gaming is on a massive ETH acquisition spree, accumulating more than 60,582 ETH just over the last five days with a massive investment of $180 million. In the last 24 hours, the firm purchased an additional 16,374 ETH, for another $50 million investment, while overtaking the Ethereum Foundation in total ETH holdings. According to EmberCN’s data, the company currently holds 270,000 coins.
Drawing a leaf from Microstrategy’s Bitcoin playbook, SharpLink is steadily accumulating Ethereum since early June. In a very short time period, the company has purchased this huge Ethereum stack at an average ETH price of $2,667 per coin. With Ethereum trading significantly higher, the firm is currently sitting on an unrealized profit of $81.8 million, noted blockchain analytics firm EmberCN.
Last week, SharpLink Gaming also entered into an agreement with the Ethereum Foundation by acquiring over 10,000 ETH from them. Most of these acquisitions happened through over-the-counter (OTC) transactions, thereby preventing any major volatility in the ETH price.
Following the development, the SBET stock is showing huge movement with more than 60% upside over the past month. Besides, the stock is already trading at 275% since the beginning of the year. Following SharpLink’s lead, other companies like GameSquare have also joined the race to build their own ETH treasury.
Over the last week, ETH price has surged 18% breaking past the crucial resistance of $3,000 with strong institutional interest. The daily trading volume is already up by 43%, close to $25 billion, suggesting bullish trader sentiment.
Massive institutional interest in ETH is visible as Ethereum ETFs registered $900 million inflows last week, making it the best week since launch in mid-2024. Eric Jackson, EMJ Capital founder, stated that staking to Ether ETFs would be coming before October 2025.
“Once that hits, ETH becomes the first yield-bearing crypto ETF in U.S. history,” he noted. Jackson predicts that the ETH price rally to $10,000 is inevitable.
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