We have reported extensively on corporations diversifying their treasuries to hold cryptocurrency, particulalrly Bitcoin, Solana and XRP. Last week, a little-known US marketing firm, SharpLink Gaming, bought $436 million of Ethereum, becoming the second largest holder of the cryptocurrency after the Ethereum Foundation.
“This is a landmark moment for SharpLink and for public company adoption of digital assets,” said SharpLink Gaming’s CEO in a Friday statement. “We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications. Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.”
The company has just raised another $79 million in proceeds from selling shares under its $1 billion ATM equity program between May 30 and June 12, which the firm plans to use to buy more Ethereum (ETH).
This strategic move makes SharpLink the first Nasdaq-listed company to adopt an ETH centered treasury reserve policy, positioning ETH as its primary treasury reserve asset. The company aims to provide shareholders with economic exposure to ETH while supporting blockchain’s role in global industry transformation.