Sharplink Gaming has announced that it will spend $463 million to buy the 176,271 ETKEN and will become the second largest Ethereum holder. You are betting 95% of your assets already held, and you will probably repeat this pattern.
However, this massive gambling can come at an inappropriate time. Last night, when the company filed SEC documents related to the purchase, its stock fell 70%, and then ETH crashed for unrelated reasons.
Will Sharplink’s Ethereum bet pay off?
Over the past few weeks, companies’ Bitcoin acquisitions have changed to a global trend, with companies on most continents buying and holding BTC.
Bitcoin leads this race, but some companies prefer altcoins instead, and Sharplink’s decision to make this massive commitment to Ethereum is part of this phenomenon.
By spending $463 million on Ethereum, Sharplink is now the largest public ETH owner. In fact, the only one holding this asset is the Ethereum Foundation.
The company appears to have identified this strategy as a major company, and at the end of the statement it briefly mentions the gaming business.
“We consider Ethereum to be the foundational infrastructure of the future for digital commerce and decentralized applications. The decision to create ETH reflects a deep conviction in its role as a programmable, harvested digital capital.”
The press release also said Joseph Rubin, co-founder of Ethereum and founder of Consensy, is currently chairman of Sharplink Gaming.
When Sharplink filed the SEC last night about the ETH plan, Lubin took to social media to clarify the company’s position. Social media turmoil has caused a 70% drop in the company’s stock price, with the damage still remaining.
However, Ethereum’s own performance could likely be a problem with Sharplink’s stock valuation. ETH has had a tough year in 2025 and its recovery window may have already ended.
Despite institutional investment, tokens suffer from leadership conflicts and geopolitical development. In the last 24 hours, ETH prices have fallen by more than 7%.
Still, these price slumps for Ethereum do not necessarily disrupt Sharplink’s acquisition strategy. The company’s press release claims it is betting 95% of its already held ETH, and will likely repeat this pattern with new tokens.
This allows the company to enjoy passive yields and show interest in the long-term ease of use of blockchain.
Nevertheless, it is difficult to swallow a 70% drop in stock prices, especially since it happened before ETH’s own crash. Sharplink is doing massive gambling at Ethereum, but it may not work.
In any case, it becomes a useful data point for traders and industry observers.
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