A Nasdaq-listed gaming firm’s aggressive Ethereum accumulation strategy sparks market attention as corporate crypto adoption expands beyond Bitcoin treasury plays.
SharpLink Gaming acquired 16,374 ETH worth $48.85 million on Sunday, marking its second eight-figure Ethereum purchase in three days after a $63.7 million buy from the Ethereum Foundation. The Nasdaq-listed company now holds 216,000 ETH ($648 million), becoming the second-largest corporate Ethereum holder behind the Ethereum Foundation itself.
The buying spree follows Ethereum co-founder Joseph Lubin’s appointment as SharpLink chairman after a $425 million private placement led by Consensys. “This isn’t a trade – it’s a commitment to our long-term vision,” Lubin stated, emphasizing the company’s strategy of acquiring, staking, and restaking ETH to support ecosystem health.
SharpLink’s stock surged 71% last week to $21.65, climbing another 7% in overnight trading to $23.20 as Ethereum broke $3,000 for the first time since February. The moves come amid $383 million in single-day Ethereum ETF inflows and $258 million in liquidated ETH short positions.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: Decrypt.