SharpLink Gaming Becomes Largest Public ETH Holder with $463M Purchase, Over 95% Now Staked

• SharpLink buys 176,270 ETH for $463M, staking over 95% to support Ethereum’s PoS network.
• Ethereum gains 4.12% as spot volume jumps 64.88%, driven by renewed institutional interest.
• Analysts see ETH targeting $3,200–$4,100 after wedge breakout and rising buy-side volume.

SharpLink Gaming has confirmed the purchase of 176,270 Ethereum (ETH), making it the largest Ethereum holder among publicly traded companies, excluding the Ethereum Foundation. The acquisition, valued at approximately $463 million, was tracked on-chain by CryptoQuant. As of writing, Ethereum trades at $2,643.30, showing a 4.12% gain in the last 24 hours.

SharpLink Allocates Over 95% of ETH to Staking Platforms

According to CryptoQuant, SharpLink acquired the 176,271 ETH at an average price of $2,626 per coin, including fees. The company used proceeds from equity sales and private placements to fund the purchase, raising over $79 million since May 30. 

SharpLink CEO Rob Phythian confirmed that more than 95% of the acquired ETH has been deployed across staking and liquid staking protocols. The company will provide support of the proof-of-stake network on Ethereum and receive yield on the locked tokens . Such a strategy does not rely on short-term speculation but with long-term strategic planning.

On-Chain Metrics Indicate Growing Buy-Side Activity

Ethereum has been resurging after a recent drop as the price has been increasing steadily starting with a session low of 2509.60. ETH ended the session at the upper end indicating bullish strength. Market capitalization now stands at $319.1 billion, up 3.64% in the same period.

CryptoQuant reported a 64.88% increase in 24-hour trading volume, which rose to $20.51 billion. The circulating supply remains stable at 120.72 million ETH. Analysts observe that increased spot buying may be driving the price rebound.

CryptoQuant’s 90-day Spot Taker Cumulative Volume Delta (CVD) has turned green, indicating growing buy-side pressure. The metric measures the difference between taker buy and taker sell volume on spot exchanges.

According to CryptoQuant, comparable levels of the buy-side activity were seen  during other major rallies in 2021 and at the end of 2023. The recent pattern suggests that demand may continue to build, especially as institutional participants like SharpLink increase their holdings.

Analysts Expect Ethereum to Hold Gains With Long-Term Growth in View

Chart analyst @LLuciano_BTC stated that Ethereum has broken out of a falling wedge pattern with support around $1,800 and resistance near $2,850. Based on the structure, price targets between $3,200 and $4,100 remain possible in the coming quarters.

Ethereum’s long-term weekly chart shows a repeating cycle of consolidation, accumulation, and expansion. If the current accumulation phase plays out as previous ones did, price projections for 2026 range between $4,800 and $5,200. SharpLink’s purchase and staking activity are viewed by market watchers as support for these projections.