SharpLink Gaming boosted its treasury by adding 20,279 ETH

SharpLink Gaming, trading under the ticker SBET, added another 20,279 ETH to its balance sheet on Wednesday, marking roughly $68 million in fresh purchases as it continues to build its Ethereum reserves.

Data from Arkham Intelligence shows that SharpLink acquired 9,425 ETH on Wednesday morning, then picked up an extra 10,854 ETH from Coinbase later that day.

SharpLink(@SharpLinkGaming) bought another 20,279 $ETH($68.38M) in the past 5 hours.

In the past 8 days, they've accumulated 111,609 $ETH($343.38M).https://t.co/721WEllbX6 pic.twitter.com/wOKFVH592A

— Lookonchain (@lookonchain) July 17, 2025

Shortly after these buys, the firm sent 3,200 ETH to Figment’s staking service and moved the full 10,854 ETH to Liquid Collective’s staking network.

SharpLink, which began life as a Minneapolis-based firm, launched its Eth treasury plan in May. The push coincided with a $425 million private placement by Consensys, the crypto infrastructure group headed by Eth’s co-founder Joseph Lubin, who also took on the role of SharpLink’s chairman.

Since then, the company has been steadily increasing its holdings, typically snapping up between 10,000 ETH and 25,000 ETH in each batch over the past few weeks.

Earlier this week, SharpLink announced it had overtaken the Ethereum Foundation to become the bigger corporate Ether holder. As of July 15, the company’s treasury owned 280,706 Ethereum. On Thursday, EmberCN reported that the total had climbed to 321,000 ETH.

SharpLink’s stock climbed 29 percent to close at $37.38 on Wednesday. Over the last five trading days, SBET has jumped 113 percent, based on Google Finance data. At the same time, ether itself gained 7 percent in the last 24 hours, trading around $3,348 per The Block’s price data.

Other big names are also taking interest in Ethereum

In related news, GameSquare Holdings, listed as GAME on Nasdaq, said on Thursday it priced 46,666,667 new shares of common stock for $1.50 each. The offering is expected to raise about $70 million before fees. Most of those funds will go toward growing its own Ethereum stash, the company said in a press release.

Meanwhile, Bitmine announced a $250 million private placement in June to kick off its own ETH treasury strategy. The move included appointing Fundstrat’s Thomas Lee to its board. On Wednesday, tech investor Peter Thiel revealed he had taken a 9.1 percent stake in the firm, Bitmine.

Spot Ethereum exchange‑traded funds also reached a record level of holdings on Thursday. After attracting $726 million in net inflows on Wednesday, the busiest day since these ETFs began trading, firms like Grayscale and BlackRock now manage a combined 4.95 million ETH.

Ethereum is up over 16% in the past 5 days

On Thursday, strong demand drove Ethereum to break $3,400. As of 8:36 a.m. ET, the token was trading at $3,424, up more than 8 percent in a single day. It is trading at a price of $3,410 at press time, and has risen over 16% in the last 5 days.  

July has also become the ETFs’ best month yet, with net inflows hitting $2.27 billion so far—the largest monthly total since the funds launched in July 2024. BlackRock’s ETHA fund led Wednesday’s gains with $499 million of new money, SoSoValue reported.

“Ethereum is increasingly being seen as a long‑term institutional asset, not just a trading vehicle,” Rachael Lucas from BTC Markets said. She added that these ETFs collectively hold about 4 percent of Ether’s total market cap.

On social media, Dragonfly data analyst Hildobby noted that if issuers keep up the current pace over the next year, they could absorb an additional 10 percent of Ethereum’s supply.

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