SharpLink Gaming kept adding ETH, with up to 77,210 tokens sent to its wallets

SharpLink Gaming extended its ETH strategy, immediately moving the new purchase into staking. SharpLink opened a new wallet to transfer $147M in ETH. 

SharpLink Gaming (SBET) continued its ETH buying program, pouring another $147M into the token. The latest purchase happened over the weekend, as ETH gained momentum and returned to the $3,900 range. 

The latest on-chain purchase showed SharpLink opened a new wallet for a round of purchases and subsequent ETH distribution. The latest purchase was done through USDC stablecoins, with spot purchases on multiple exchanges. Previously, SharpLink Gaming also added ETH through an OTC deal with the Ethereum Foundation. 

A newly created wallet has received 38,603 $ETH ($147.7M) and likely belongs to Sharplink Gaming (@SharpLinkGaming).

The $ETH came from a wallet that previously sent $ETH to SharpLink. 2 days ago, @SharpLinkGaming got $145M $USDC from @circle, sent to #Galaxy, then distributed… pic.twitter.com/DzhHaUawcl

— Onchain Lens (@OnchainLens) July 27, 2025

Additional data collection from known addresses shows SharpLink received up to 77,210 ETH for a total of 438,017 ETH. With the latest addition, SharpLink is closing in on BitMine’s stash of 566,776 ETH.

Before the latest purchase was registered, SharpLink announced 360K ETH in its reserves, still lagging behind BitMine. The company itself reported 360,807 ETH as of July 22. 

Despite this, the company is the biggest publicly trading entity with an ETH treasury. For now, SharpLink relies on sizeable purchases with no strict schedule. The SBET share price is also diverging from the recent ETH rally, though still up over 121% in the past month. SBET traded at $21.99, with no reaction to the recent treasury announcement.

The latest ETH purchase came just days after SharpLink gaming onboarded Joseph Chalom as its co-CEO.

The recent buying happened through a wallet that was used as an intermediary before the final destination of ETH. Not all of the SharpLink holdings are traceable to on-chain wallets, and the company holds a predominance of staked ETH in its known wallets. 

SharpLink Gaming stakes with Figment

Just hours after receiving ETH into its wallet, SharpLink Gaming sent some of the tokens to a Figment deposit address. The ETH reached Figment directly through the recently active address, or through another intermediary wallet.

Figment advertises itself as a staking solution meant for institutions, with a 2.99% annualized yield. Figment also offers slashing insurance coverage, as well as white label services for startups to offer under their own brand. At this point, it remains uncertain if SharpLink Gaming would brand its own validators. 

SharpLink made several tranches of 3,200 ETH to the Figment ETH 2.0 depositor address, signaling its ETH is used for additional services. Figment remains a multi-chain staking intermediary, with SOL and BTC services. 

ETH reserves grow exponentially

The latest SBET treasury expansion is part of a larger trend, where companies and projects already hold 2.32M ETH in treasuries. The accumulation of ETH started later than the BTC process, and the numbers are still relatively low, with a total valuation of $9B. 

Treasuries are still to catch up with ETF, which took 5.88M ETH off the market. The buying spree accelerated in July, with multiple daily announcements of treasury expansion. 

The ETH treasury trend has also offered another option to big holders from previous market cycles. Projects like the Ethereum Name Service (ENS) are active treasury operators. Others, like Golem, are sitting on 100K ETH that has been idle since the project’s ICO, and may be reused as a treasury.

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