Ethereum’s role as the backbone of decentralized finance just got another massive vote of confidence.
Nasdaq-listed SharpLink Gaming, which has pivoted into becoming one of the largest Ethereum treasury firms, confirmed a fresh $667 million ETH purchase this week – a move that cements its position as the second-biggest Ethereum treasury in the world.
The company revealed that it bought 143,593 ETH at an average cost of $4,648, pushing its total stash to over 740,000 ETH — valued at nearly $3.2 billion at today’s market price. Ethereum co-founder and Consensys CEO Joe Lubin, who also chairs SharpLink’s board, praised the firm’s bold accumulation strategy, calling Ethereum “the trust layer for the decentralized economy.”
Aiming for 5% of Ethereum’s Supply
SharpLink is chasing an ambitious target. According to its latest filings, the firm intends to eventually control up to 5% of Ethereum’s circulating supply. That would place it on par with some of the largest Bitcoin treasuries in history, underscoring how the concept of Digital Asset Treasuries (DATs) is rapidly expanding beyond BTC.
Currently, BitMine Immersion Tech sits at the top of the ETH treasury leaderboard with more than 1.5 million ETH. Together, Ethereum treasuries now hold roughly $10.4 billion worth of ETH, The Block’s data shows.
Raising Capital While Building Yield
To fund its buying spree, SharpLink raised $537 million in the week ending August 17, and still has $84 million in cash reserves waiting to be deployed. Almost all of its ETH holdings have already been staked, generating passive yield for shareholders. As of mid-August, staking rewards amounted to 1,388 ETH — a signal that the company’s aggressive strategy is also producing steady on-chain income.
Despite reporting a $103 million net loss for the second quarter, SharpLink has continued doubling down on Ethereum exposure. Its “ETH Concentration” metric, which measures holdings per every 1,000 potential shares, surged 98% last quarter.
The Bigger Picture
Ethereum’s price hovered near $4,238 at the time of the announcement, but the broader narrative may be more important than short-term price action. As digital asset treasuries become a new trend for both public and private companies, Ethereum is increasingly being viewed not just as a cryptocurrency but as a strategic reserve asset.
SharpLink’s positioning mirrors the role that MicroStrategy played for Bitcoin. By accumulating at scale and staking nearly its entire treasury, SharpLink is signaling that ETH could soon take on a “reserve currency” status within the decentralized economy.
Lubin summed it up best: SharpLink isn’t just holding ETH — it’s compounding value for shareholders through yield, staking, and relentless capital deployment.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Related stories
Next article
Source: https://coindoo.com/ethereum-treasury-giant-sharplink-drops-667m-in-eth-targeting-5-of-supply/
