Coin WorldThursday, Jul 31, 2025 10:14 am ET
2min read
SharpLink Gaming continues to expand its Ethereum holdings, adding 11,259 ETH worth $43.094 million in a recent over-the-counter trade from Galaxy Digital [1]. This purchase brings the firm’s total Ethereum holdings to 449,276 ETH, valued at over $1.73 billion at current market prices. The acquisition positions SharpLink as a major corporate holder, with its Ethereum treasury surpassing the holdings of the Ethereum Foundation and placing it second in the rankings, behind BitMine Immersion Technologies, which holds 625,000 ETH valued at over $2.41 billion [1].
The company, backed by Ethereum co-founder Joseph Lubin, has been accumulating ETH consistently. On July 28, it purchased 77,210 ETH worth $295 million, coinciding with a rare surge in Ethereum’s market dominance to 12%, the highest level in five years [1]. SharpLink has stated it plans to hold up to 1 million ETH, continuing its strategy of staking and creating value for shareholders [1].
Meanwhile, the company’s stock—traded under the ticker SBET on Nasdaq—has experienced a notable rally. At the time of writing, the SBET stock price surged nearly 4% in pre-market trading to $20.21 [1]. Over the past month, the stock has risen by 97%, and it has climbed nearly 155% year-to-date [1]. Analyst Donald Dean has set price targets of $23.38 and $40.46 for the stock, noting that it found support at $19 on the daily chart and suggesting further upward momentum [1].
The move in SBET is not isolated to SharpLink’s corporate activities. Broader Ethereum market dynamics also indicate optimism. Whale accumulation has been significant, with new wallets accumulating 722,152 ETH worth $2.77 billion in recent hours [1]. Institutional interest is also rising, with a single whale purchasing $153 million in ETH in an OTC trade [1]. Ethereum’s price, at $3,860 at the time of writing, has risen over 2% in the last 24 hours, with trading volume up 7% as traders regain interest following a recent correction [1].
Popular crypto analyst Michael van de Poppe has highlighted that Ethereum’s volatility has dropped, suggesting a short-term target of $4,000 is plausible [1]. He also emphasized that fundamentals and technical indicators suggest a strong bull market for the next 12–24 months [1].
Derivatives data from CoinGlass supports this bullish outlook. The total open interest for ETH futures increased by 1.42% in the last 24 hours to $55.76 billion, with 4-hour open interest rising on major exchanges like CME and Binance [1]. This signals cautious but growing confidence among derivatives traders.
SharpLink Gaming’s aggressive Ethereum accumulation and the upward trajectory of its stock price highlight the growing intersection between traditional finance and blockchain investments. As Ethereum continues to strengthen in both spot and derivatives markets, the company’s strategy of long-term staking and value creation may benefit shareholders in the coming months [1].
Source: [1] SharpLink Gaming Expands Ethereum Holding to $1.73B, SBET Stock Eyes $40 (https://coinmarketcap.com/community/articles/688b76b8dc6d9d26a9a15477/)
