SharpLink Buys $48M in Ethereum, Lifts Stock Higher in Overnight Trade

Nasdaq-listed SharpLink Gaming (SBET) acquired another 16,374 ETH on Sunday, worth around $48.85 million, according to blockchain data from Arkham Intelligence.

The Ethereum was transferred to SharpLink‘s wallet from a wallet tied to Galaxy Digital’s over-the-counter trading desk. SharpLink has not publicly confirmed the transaction. On Friday, the company also bought 21,487 ETH for $63.7 million.

SharpLink shares have rallied on the back of these buys, closing Friday at $21.65, up 17.5% on the day and 71% over the past week, per Yahoo Finance.

Sunday trading on Blue ATS showed shares moving higher again, up 7.16% at $23.20. Ethereum is also up 3% over the past 24 hours, trading at $3,052.

Founded in Minneapolis as an affiliate marketing firm for gambling and sports betting sites, SharpLink is one of a series of companies previously not linked to crypto that have reimagined themselves as reserves.

It pivoted in late May to an aggressive Ethereum treasury strategy following a $425 million private placement led by Consensys. That deal brought Ethereum co-founder and Consensys CEO Joseph Lubin on board as chairman of SharpLink.

Under Lubins direction, SharpLink now positions itself as both a treasury investor in Ethereum and a steward of its ecosystem.

“This isnt a trade—it is a commitment to our long-term vision. SharpLink is acquiring, staking, and restaking Ethereum as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem,” Lubin said in a statement Friday.

“Moreover, we see this as the start of something bigger—a model for how mission-driven organizations can work to advance our ecosystems shared goals of decentralization, economic empowerment, and protocol-native finance.”

The companys Ethereum reserves are now second only to the Ethereum Foundation itself, according to Strategic Ethereum Reserve, which records that SharpLink holds 216,000ETH worth some $648 million.

Other top holders include PulseChain Sac, Coinbase, Golem Foundation, and Bit Digital. However, ETH has not become a popular choice of crypto reserve compared to Bitcoin.

While Ethereum prices have recently reclaimed the $3,000 mark—their highest level in five months—the asset has lagged behind Bitcoin this year.

Meanwhile, large OTC sales like those by SharpLink have drawn scrutiny.