SharpLink Gaming became the largest public Ether holder again after a $258.9 million Ethereum purchase

SharpLink Gaming reclaimed its spot as the biggest publicly traded Ether holder in the world after its latest purchase.

On Tuesday, the company purchased 79,949 ETH, bringing its total to 360,807 Ethereum, worth about $1.3 billion at current prices. SharpLink paid about $3,238 per coin, shelling out roughly $258.9 million for this latest purchase. 

Only days earlier, last Monday, it had disclosed a $49 million purchase that also helped lift its balance to the same 360,807 ETH mark, based on data by CoinGecko.

This latest acquisition lets SharpLink reclaim its lead in the fierce contest among public firms building up Ethereum reserves. Just weeks ago, BitMine Immersion Technologies nudged ahead after it announced a private placement worth $250 million on June 30th. 

BitMine revealed last Thursday that it held 300,657 Ethereum, worth $1 billion, tipping it briefly past SharpLink’s 280,706 ETH at that time.

Investors have been watching the contest closely, drawing parallels to MicroStrategy’s high‑profile Bitcoin purchases. Both companies’ stocks have surged as traders compare their strategies.

Ark Invest bought 4.4 million shares of BitMine

On Monday, ARK Invest purchased 4.4 million BitMine shares (BMNR) in a deal worth almost $175 million. It came after billionaire Peter Thiel picked up 5.09 million shares of BMNR in the previous week, giving him a stake of 9%. 

At the same time, BitMine’s stock exploded, jumping over 700% in July, data from TradingView shows. The shares momentarily climbed above $140 on 3rd July before closing at $39.60 on Monday.

SharpLink’s own stock (SBET) has also risen, though more modestly. It has gained about 130 percent over July, ending Monday around $26 per share.

Ethereum ETFs attract $296 million in daily inflows

Meanwhile, the broader crypto ETFs have seen a shift of funds. Spot Bitcoin ETFs broke a 12‑day streak of net inflows, posting outflows of $131.35 million on Monday. Ark & 21Shares’ ARKB led the redemptions with $77.46 million withdrawn. 

Major players, including Fidelity, Grayscale, VanEck, and Bitwise, also saw net outflows. BlackRock’s IBIT, the biggest BTC ETF by assets, reported no change, alongside six other funds.

This was the first day of net outflow for Bitcoin ETFs since July 1, a period that had seen $6.12 billion pour in.

In contrast, Ethereum‑based ETFs continued their inflow streak to 12 consecutive days, drawing $296.6 million on Monday alone. Fidelity’s FETH topped the list with $126.93 million in new money, followed by $102 million into BlackRock’s ETHA. Grayscale’s Mini Ethereum Trust and Bitwise’s ETHW also registered net inflows.

These Ether‑focused funds have now amassed $3.53 billion over their 12‑day run, marking some of the strongest early demand since their launch on July 24.

Analyst Min Jung of Presto Research said the data point to a “familiar rotation” from Bitcoin into Ethereum, often a prelude to broader activity in other tokens. “Bitcoin has rallied significantly this year,” Jung noted, “and for investors who feel they’ve ‘missed’ the BTC trade or are looking for the next opportunity, Ethereum is becoming the natural next step.”

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