In the five days leading up to July 14, SharpLink Gaming purchased a total of 60,582 ETH worth approximately $180 million.

The firm’s stock reacted positively to the news, increasing by more than 17% in the past 24 hours.

The Latest $49M Buy

According to an X post by blockchain analytics platform Lookonchain, the company bought 16,374 ETH on July 14, amounting to around $49.03 million. This brings its total reserve to 270,000 ETH, making it the largest publicly traded ETH treasury holder.

SharpLink Gaming has steadily increased its stash over the past two months. Starting with its initial transaction on May 26, the firm accumulated 176,271 ETH by mid-June, partly funded by $79 million raised through its ATM equity program.

Later that month, it added 7,689 ETH worth $19.2 million, followed by another 10,000 ETH acquired in early July from the Ethereum Foundation for $25.7 million. Commenting on the EF transaction, SharpLink Chairman Joseph Lubin said:

“At a time when Ethereum is entering a new era of institutional relevance, we are proud to support the network’s long-term strength and decentralization mission.”

All ETH the company holds is used in staking and restaking protocols to earn on-chain yield. Between June 28 and July 4, it earned approximately 100 ETH through staking rewards, contributing to a total yield of around 322 tokens since the start of the program.

The Minneapolis-based firm uses a performance metric called ETH concentration that calculates the amount of the cryptocurrency held per 1,000 diluted shares. This figure has risen from 2.00 to 2.37 ETH in just three weeks, representing a 19% increase.

SharpLink Stock Jumps 17%

SharpLink’s stock, listed as SBET on the NASDAQ, has moved upward following the latest development. Google Finance data shows that the shares closed at $21.65 on July 14 and are up 17.15% in the last 24 hours.

A growing number of publicly listed firms are shifting their treasury strategies toward Ethereum. One such example is GameSquare, which recently announced plans to build a $100 million ETH stockpile, aiming for returns between 8% and 14% through a partnership with Dialectic. Another organization, Bitmine, has rolled out an even larger strategy, committing $250 million to building its reserves.

Bit Digital also joined the trend, transitioning its entire treasury into ETH and accumulating over 100,000 tokens following the sale of its Bitcoin holdings and a $172 million capital raise.