SharpLink Treasury Boosts to 438,000 ETH with 77,210 ETH Purchases Worth $295 Million

SharpLink Gaming, the Minneapolis-based fan-engagement and sports-betting company that pivoted aggressively into protocol-native finance this year, revealed on 28 July that it executed an over-the-counter acquisition of 77,210 ether for roughly $295 million. Blockchain analytics site Ultra Sound Money shows Ethereum’s net issuance for the preceding 30 days at 72,795 ETH, meaning the single purchase exceeded total supply expansion during that period and effectively removed one month of new coins from circulation in a matter of hours. On-chain tracker Lookonchain reports SharpLink’s treasury now holds 438,127 ETH—worth about $1.69 billion—making the Nasdaq-listed company the world’s second-largest corporate ether holder after BitMine Immersion Technologies. Regulatory filings indicate that more than 95 % of SharpLink’s ether is locked in native and liquid-staking protocols, generating yield while simultaneously strengthening validator security. The firm amended an SEC shelf prospectus on 18 July, seeking authority to raise up to $6 billion via at-the-market equity sales, with management stating that “the majority of proceeds” will fund additional ETH buys. Governance appointments underscore the pivot: former BlackRock digital-asset executive Joseph Chalom joined as co-CEO last week, and ConsenSys founder Joseph Lubin has been nominated chair of the board. CEO Rob Phythian called the latest purchase “another step toward building the world’s first publicly traded strategic ETH reserve.” Market analysts say sustained corporate and ETF demand, coupled with rising staking participation ahead of the planned Shanghai-2 upgrade, is intensifying a perceived supply squeeze narrative that could magnify future price moves. Strategic ETH Reserve data shows corporations and funds now control 6.73 % of Ethereum’s total supply—over 8.1 million ether—raising questions about decentralisation but also fuelling bullish expectations among investors who view outright treasury adoption as a long-term catalyst.