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SharpLink Buys $290M Ethereum as BTCS and 180 Life Sciences Expand ETH Plans

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SharpLink acquires $290M more in Ethereum, bringing its total to 438,000 ETH. BTCS and 180 Life Sciences also pivot toward Ethereum-focused treasury strategies.

Soumen Datta

July 30, 2025

SharpLink Gaming continued its aggressive push into Ethereum (ETH), purchasing an additional 77,210 ETH worth about $290 million, according to a recent announcement. The buy follows a string of acquisitions throughout July and raises the company’s total holdings to roughly 438,000 ETH, valued at around $1.69 billion as of the latest market prices.

This move reinforces SharpLink’s position as the second-largest known corporate Ethereum holder, just behind BitMine Immersion, which holds an estimated 566,800 ETH.

A Target of 500,000 ETH

The Minnesota-based company has spent $780 million on Ethereum in July alone, increasing its ETH holdings by 121% over the course of four weeks. SharpLink began the month with 198,200 ETH and, after its latest acquisition, has grown its position significantly.

On-chain data shared by Lookonchain on July 28 reveals the ETH was purchased in multiple transactions and staked in 3,200 ETH batches using Figment, a major staking infrastructure provider.

This acquisition brings SharpLink closer to a self-imposed target of holding 500,000 ETH, a milestone that would further secure its ranking in the corporate Ethereum space. Most of the company’s ETH is now staked to generate returns under Ethereum’s proof-of-stake (PoS) model.

SharpLink’s Funding Model Mirrors Bitcoin Strategy Tactics

SharpLink has adopted a capital strategy similar to what MicroStrategy used with Bitcoin. The company funded its Ethereum purchases primarily through common stock issuance, raising $852 million in July by selling approximately 45 million shares.

This method allowed SharpLink to take advantage of the premium at which its stock trades relative to its crypto holdings. It also raised additional funds through private placements earlier in the month.

The company’s stated goal is to grow the ETH it holds per 1,000 fully diluted shares—a metric SharpLink refers to as “ETH Concentration.” That number rose to 3.4 ETH per 1,000 shares as of Sunday, up from 2.29 just three weeks ago.

New Leadership and Institutional Focus

The latest Ethereum acquisition is the first major move under Joseph Chalom, who was named Co-CEO of SharpLink on July 25. Chalom previously led digital asset strategy at BlackRock, where he contributed to major initiatives like the BUIDL fund and the firm’s crypto ETF rollouts.

Chalom’s appointment signals SharpLink’s continued shift away from its previous identity as a sports gambling affiliate platform and deeper into institutional-grade crypto asset management. Chairman Joseph Lubin described this leadership change as necessary for managing large-scale Ethereum exposure responsibly and transparently.

Ethereum Staking and Yield

Since transitioning to Ethereum as its core treasury reserve, SharpLink has staked most of its ETH holdings, participating in transaction validation on the network and earning staking rewards. To date, the company has generated 722 ETH, currently worth about $2.8 million, from staking income.

Ethereum’s move to a proof-of-stake consensus model has enabled this yield generation, and firms like SharpLink are using it not just for long-term value storage, but also for creating passive income.

BTCS and 180 Life Sciences Signal Ethereum-First Treasury Approaches

While SharpLink is executing a rapid expansion, other public companies are also taking steps toward ETH-focused treasury strategies.

BTCS Files $2 Billion Shelf Registration

Blockchain firm BTCS, listed on Nasdaq, recently filed$2 billion shelf registration with the SEC. This filing allows the company to issue various securities—including stock and debt—over a three-year period.

Although BTCS hasn’t confirmed specific allocations, the filing has fueled speculation that a significant portion of the funds will go toward expanding its Ethereum holdings. The move aligns with BTCS’s growing focus on the Ethereum ecosystem, including staking and infrastructure participation.

180 Life Sciences Rebrands and Plans $425 Million for ETH Strategy

180 Life Sciences Corp. has also announced a new ETH-focused strategy. The company plans to raise $425 million through a PIPE (Private Investment in Public Equity) transaction and rebrand as ETHZilla Corporation upon completion.

More than 60 investors, including crypto-native firms like Electric CapitalHarbour Island, and Polychain Capital, participated in the offering. The firm will also have the option to raise an additional $150 million in debt following the PIPE close, expected around August 1.

Incoming chairman McAndrew Rudisill says the goal is to create an institutional-grade ETH treasury aligned with DeFi and tokenized asset markets. The company’s strategy includes assembling a team of traditional finance and DeFi veterans to guide this transition.

Market Reactions and Ethereum Price Trends

The market has responded positively to SharpLink’s ETH buying spree. The company’s stock (SBET) has risen over 120% in July, including a 7.37% increase on the day the company revealed its updated ETH concentration metrics.

Meanwhile, Ethereum’s price climbed above $3,900 earlier this week before pulling back. The asset is now trading around $3,850, approximately 21% below its all-time high of nearly $4,900 reached in late 2021. The price has risen 60% over the past month, supported by institutional buying, staking participation, and macroeconomic factors.

FAQs

  1. How much Ethereum does SharpLink currently hold?

    As of July 30, 2025, SharpLink holds approximately 438,000 ETH, worth around $1.69 billion, making it the second-largest known corporate holder of Ethereum.

  2. How is SharpLink funding its Ethereum purchases?

    SharpLink raised $852 million in July by issuing nearly 45 million shares of common stock. It also raised additional funds via a private placement earlier in the month.

  3. What is 180 Life Sciences doing with Ethereum?

    180 Life Sciences plans to raise $425 million through a PIPE deal and rebrand as ETHZilla Corporation, adopting Ethereum as its principal treasury asset and focusing on DeFi and tokenized asset markets.

Conclusion

SharpLink’s continued accumulation of Ethereum—now totaling nearly $1.7 billion—marks a clear shift toward long-term ETH treasury management among public companies. With BTCS preparing a potential multi-billion-dollar ETH pivot and 180 Life Sciences planning a rebrand around Ethereum, the trend of corporates treating ETH as a core reserve asset is accelerating.

These strategies are not speculative plays but are structured, capital-backed moves with regulatory compliance and staking utility at their core. Ethereum’s technical advantages and staking yield potential are now central to how these firms are managing digital assets at scale.

Resources:

  1. SharLink Transaction Data From Arkham Intelligence: https://intel.arkm.com/explorer/address/0x6F37216B54EA3fe4590aB3579faB8fD7f6DcF13F

  2. BTCS Filing With The US SEC: https://www.sec.gov/edgar/search/#/ciks=0001436229&entityName=BTCS%2520Inc.%2520(BTCS)%2520(CIK%25200001436229)

  3. 180 Life Sciences Corp. Announcement: https://www.prnewswire.com/news-releases/180-life-sciences-announce-an-upsized-425-million-private-placement-to-establish-an-ether-treasury-reserve-led-by-consortium-of-digital-asset-leaders-to-launch-ethzilla-302516170.html

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].

Author

Soumen Datta

Soumen has been a crypto researcher since 2020 and holds a master’s in Physics. His writing and research has been published by publications such as CryptoSlate and DailyCoin, as well as BSCN. His areas of focus include Bitcoin, DeFi, and high-potential altcoins like Ethereum, Solana, XRP, and Chainlink. He combines analytical depth with journalistic clarity to deliver insights for both newcomers and seasoned crypto readers.

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