Sharplink Overtakes Ethereum Foundation with $64 Million ETH Buy

- Sharplink acquires 21,487 ETH for $64.24 million, surpassing Ethereum Foundation reserves. - Acquisition generates $79 million in unrealized profit as SBET stock soars 486%. On July 12, 2025, Sharplink Gaming acquired 21,487 ETH for $64.24 million, a purchase that surpasses the Ethereum Foundation’s reserves. According to a report from Cryptopolitan on the same day, this move positions Sharplink as the largest institutional ETH holder. The transaction, facilitated by Galaxy Digital and Coinbase Prime, underscores Sharplink’s aggressive push into cryptocurrency, as the company has now amassed 253,000 ETH in just two months. Under the leadership of Ethereum co-founder and Sharplink Gaming Chairman Joe Lubin, the company has invested over $600 million in Ethereum since June. The firm's strategy focuses on gaining significant exposure to the world’s second-largest cryptocurrency. As a result, this move has generated $79 million in unrealized profits and caused its stock ticker, SBET, to surge by 486%. Meanwhile, Sharplink’s stock has vastly outperformed Ethereum’s own 17% rise during the same period. Sharplink's bold approach is drawing comparisons to MicroStrategy, a firm renowned for its large-scale Bitcoin acquisitions, which highlights a growing trend of companies using cryptocurrency reserves for strategic treasury management and stock valuation gains. In the broader market, Ethereum’s recent price surge past $3,000 has strengthened altcoin sentiment. For a short time, Ethereum's futures trading volume even outpaced Bitcoin’s, signaling shifting market dynamics as Bitcoin’s dominance erodes. In addition, Ethereum-focused ETFs have seen substantial inflows, making July one of the most promising months for the funds since their 2024 debut. On July 12, Market Survey reported that Ethereum (ETH) traded at $2,933.17 as of 17:16 UTC, while its 24-hour trading volume decreased slightly by 1.61%.