SharpLink Gaming leads the Ethereum rush with $525M+ ETH purchases

SharpLink Gaming has acquired over $525 million worth of Ethereum in transactions completed in under one month, according to data from Arkham Intelligence. 

The iGaming and sports betting technology company disclosed on Wednesday that it purchased 198,167 ETH valued at approximately $517 million at an average price of $2,608. The following day, it acquired an additional 2,738 ETH via an over-the-counter transaction worth about $7.09 million.

SharpLink Gaming increases stakes with Ether holdings

The company’s Ether buying spree began in early June following the close of a funding round. On June 13, it acquired 176,271 ETH for $463 million. Eleven days later, it added 12,207 ETH. With the latest purchase of 4,951 ETH for $12.4 million, SharpLink’s total holdings now stand at more than 202,000 ETH.

SharpLink Gaming is buying $ETH, but #Ethereum OGs are selling!

SharpLink Gaming announced yesterday that they had bought a total of 198,167 $ETH($517M) at ~$2,608, and today, they bought another 2,738 $ETH($7.09M) via OTC.https://t.co/cW8EvzSFxt

Meanwhile, wallet 0xe592, an… pic.twitter.com/gHIilcpKce

— Lookonchain (@lookonchain) July 3, 2025

On-chain market data tracker EmberCN reported that the company spent a total of $528 million to accumulate 202,800 ETH, at an average purchase price of $2,606. However, the firm’s crypto portfolio is on a $22.92 million loss, based on current market prices.

Most of SharpLink’s assets are allocated to liquid-staked Ethereum (lsETH) on staking service Figment, with additional small holdings in CROAK, DAI, and BNB. About $1,700 worth of ETH is unstaked.

Bit Digital completes $162.9 million offering for ETH purchases

Other institutions joining SharpLink in ETH accumulation this week include Bit Digital, Inc., which announced on July 1 that it had closed an underwritten public offering totaling approximately $162.9 million in net proceeds. The company stated that “all proceeds are going towards ETH investments.”

Bit Digital exercised all underwriters’ options and issued 86.25 million shares in the offering. According to the company, it plans to use ETH as its core treasury asset. 

Elsewhere, Fundstrat’s Tom Lee, a crypto and equities market strategist, joined BitMine Immersion Technologies as Chairman of the Board of Directors last Monday.

BitMine also announced a $250 million private placement to support Ethereum accumulation. 

“The financial services industry and crypto are converging and it really started with stablecoins, which is the ChatGPT of crypto because of its viral adoption by consumers, business banks and now even Visa,” Lee told CNBC.

The company also plans to track the value of Ethereum held per share as a performance indicator. 

“BitMine can increase the value of ETH held per share by a combination of reinvestment of the company’s cash flows, capital markets activities, and by the change in value of ETH,” Lee mentioned in his presser.

Mega Matrix resume ETH staking with $100K buy

On July 2, Mega Matrix Inc. confirmed it had purchased 40 ETH at $2,462 each, an investment of just under $100,000. The company stated the acquisition was meant “to revive its staking operations,” which were suspended in 2024 after regulators questioned the company’s digital asset business model.

According to Mega Matrix, the GENIUS Act of 2025 has provided it with “sufficient confidence to resume.” Mega Matrix has opted for a lean setup involving solo staking through Coinbase’s institutional-grade platform, with custody handled by Coinbase Custodian and management through Cactus Wallet.

On June 27 the company appointed Yaman Demir as executive director, a veteran in the digital asset industry with ties to more than 20 projects in DeFi, NFTs, stablecoins, and Layer-1 networks.

Meanwhile, Bitwise CIO Matt Hougan has predicted that investor interest in Ethereum spot ETFs is likely to accelerate in the coming months. Hougan quoted a July 2 post from the Ethereum Foundation, writing, “Inflows into Ethereum spot ETFs will accelerate significantly in the second half of the year.”

“The phenomenon of stablecoins and stocks moving around Ethereum is a story that traditional investors can easily understand,” he continued, claiming that the reasoning will open doors for more institutions to buy in on ETH.

In June alone, net inflows into Ethereum ETFs totaled $1.17 billion. 

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