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SharpLink Snaps Up $295M ETH
In a bold and strategic move, SharpLink Gaming has purchased 77,210 ETH, worth approximately $295 million, making it the second-largest corporate holder of Ether in the world. What’s striking is that this single acquisition exceeds Ethereum’s net issuance over the past month, highlighting the aggressive pace of corporate crypto accumulation.
According to data from Ultra Sound Money, Ethereum’s net issuance for the last 30 days was just 72,795 ETH—meaning SharpLink’s latest purchase surpasses the entire newly issued supply. This is a strong signal of rising institutional demand, which could contribute to an impending ETH supply shock.
With this acquisition, SharpLink’s total ETH holdings now exceed 438,000 ETH, equivalent to over $1.69 billion, as reported by Lookonchain. The majority of this ETH has already been staked, earning passive returns while also supporting the security and decentralization of the Ethereum network.
Corporate ETH Holdings Surge Ahead
SharpLink’s bold treasury strategy puts it just behind BitMine Immersion Technologies, the current top corporate ETH holder, which has over 566,000 ETH in its reserves. BitMine recently made headlines for its ambitious goal of holding 5% of ETH’s total supply—about 6 million ETH, or more than $23 billion at current prices.
This growing trend of corporate ETH accumulation through direct purchases or via ETFs is shifting the supply dynamics of Ethereum. Strategic ETH Reserve data shows that corporations and ETFs collectively hold 6.73% of the total ETH supply, which equals roughly 8.12 million ETH valued over $31 billion.
This is particularly significant in a post-Merge world, where Ethereum has transitioned to a proof-of-stake (PoS) system and drastically reduced its token issuance. The limited supply and increasing institutional demand set the stage for potential long-term bullish price action.
BlackRock Veteran Joins SharpLink
Coinciding with its latest ETH acquisition, SharpLink appointed Joseph Chalom—a veteran with 20 years of experience at BlackRock—as its new co-CEO. The hire is seen as a strategic move to solidify SharpLink’s presence in traditional finance and blockchain infrastructure.
Chalom brings a deep understanding of institutional asset management, and his appointment suggests SharpLink’s vision is not just about holding ETH—but about playing a major role in the convergence of TradFi and DeFi.
Earlier this year, in May, the firm also made headlines by appointing Joseph Lubin, the CEO of ConsenSys and a co-founder of Ethereum, as chairman of the board. These executive changes point to a broader strategy to align with Ethereum’s core development ecosystem and to attract further institutional capital.
$6B Stock Sale Planned
SharpLink is not stopping at acquisitions or talent. On July 18, the company filed an amended prospectus with regulators to expand its stock sale from $1 billion to $6 billion. The majority of the proceeds from this sale are expected to be used to buy more ETH.
This move underlines the company’s long-term thesis that Ethereum represents a major infrastructure layer for the digital economy, and that acquiring and staking ETH now could yield exponential returns in the future.
With staking rewards, potential capital appreciation, and ETH’s deflationary mechanics, SharpLink is essentially building a self-reinforcing treasury loop, where ETH rewards fuel additional ETH purchases and growth.
Ethereum Faces Supply Shock Risk
The continued accumulation of ETH by corporate giants like SharpLink and BitMine is rapidly reducing the liquid circulating supply of Ethereum on exchanges. Since staked ETH is locked for a period and ETFs rarely sell holdings, the practical availability of ETH is shrinking.
This trend could result in a supply shock, where demand far outpaces available supply, driving the price up significantly. Ethereum’s deflationary tokenomics, introduced after EIP-1559, already burn a portion of transaction fees, further tightening supply.
Should the ETH ETFs gain momentum akin to Bitcoin ETFs, and more corporations follow in SharpLink’s footsteps, Ethereum may see the same kind of price appreciation that BTC experienced in early 2024 post-ETF approval.
In such a scenario, retail investors could be crowded out by institutional demand, just as was observed in past bull markets. ETH’s fundamentals—its role in DeFi, NFTs, L2 scaling, and tokenization—add even more layers of intrinsic value.