SharpLink Gaming Buys $49 Million Worth of Ethereum for Company Funds, Says Arkham
SharpLink Gaming Buys More Ethereum, Now Holds Around 270,000 ETH
SharpLink Gaming, a company listed on Nasdaq (SBET), just bought more Ethereum (ETH). On Sunday, they added about 16,374 ETH—worth around $48.85 million—to their crypto wallet, according to Arkham Intelligence.
This Ethereum came from a wallet that had bought it earlier from Galaxy Digital, a crypto investment firm. SharpLink hasn’t officially confirmed the purchase yet, but blockchain data suggests the transaction is real.
Earlier, on Friday evening, SharpLink also bought 21,487 ETH (around $63.7 million). In total, the company now seems to hold around 270,000 ETH, although this hasn’t been officially confirmed either.
SharpLink, originally a marketing and gaming software company from Minneapolis, started building up its Ethereum holdings in late May. This move was part of a $425 million funding deal led by Consensys, a major player in the Ethereum ecosystem. Joseph Lubin, CEO of Consensys and a co-founder of Ethereum, is now SharpLink’s chairman.
The company says it's not just buying ETH for investment. It’s also staking and restaking it to support Ethereum’s long-term growth and decentralization. According to Lubin, this helps remove ETH from circulation and makes the Ethereum network stronger.
Ether’s price has recently gone up, rising 1.2% in the past 24 hours to $2,981—its highest level since early February. SharpLink’s stock also jumped 17.15% last Friday, likely because of its recent ETH purchase.
