VISI.NEWS | CRYPTO – SharpLink Gaming has significantly increased its Ethereum reserves, purchasing over 31,000 ETH in a two-day buying spree worth approximately $90 million. The move is part of the company’s expanded Ethereum treasury strategy, signaling growing corporate interest in ETH as a reserve asset.

According to blockchain data monitored by EmberCN via Arkham Intelligence, SharpLink acquired 21,487 ETH on July 12 alone, valued at $64.26 million. The purchases were split between Galaxy Digital (14,693 ETH for $43.89M) and Coinbase Prime (6,804 ETH for $20.37M).

This acquisition follows a separate purchase of 10,000 ETH a day earlier directly from the Ethereum Foundation, totaling $25.7 million. Altogether, SharpLink has acquired 31,487 ETH in just two days.

The Ethereum Foundation’s decision to sell sparked debate within the crypto community, with some critics interpreting it as a lack of confidence in ETH. However, the Foundation clarified the funds would be used to support core operations including protocol research, community grants, and ecosystem development.

Foundation contributor Binji Pande framed the transaction positively, describing the buyer as a long-term ETH holder, likening the sale to a “removal from circulating supply.”

SharpLink’s purchases came as ETH crossed the $3,000 threshold on July 11 for the first time since February 2025. Since June, the company has accumulated roughly 253,000 ETH and has staked the entire amount to support Ethereum’s network while earning staking yields.

According to Arkham Intelligence, the strategy has generated around $45 million in unrealized profits so far.

Joseph Lubin, SharpLink chairman and Ethereum co-founder, emphasized that the ETH accumulation reflects a strategic, long-term commitment rather than short-term speculation.

“We view this as the beginning of something bigger,” said Lubin, highlighting the company’s mission-aligned effort to promote decentralization, economic empowerment, and protocol-based finance. @ffr