SharpLink’s Ethereum holdings hit 438k, worth $1.6b

SharpLink is quickly accumulating its Ethereum reserves, which now total 438,190 ETH and valued at approximately $1.687 billion.

The self-described “MicroStrategy for Ethereum” (ETH) is doubling down on its treasury strategy. On Tuesday, July 29, SharpLink, one of the biggest corporate holders of Ethereum, announced that it now holds 438,190 ETH. At the current price of $3,849, this puts the company’s holdings at $1.687 billion.

This update follows SharpLink’s latest acquisition of 77,210 ETH, worth about $295 million, as the firm accelerates the accumulation of its reserves. Notably, since July 1, SharpLink increased its ETH holdings by 121%, from 198,478 ETH.

SharpLink is using equity issuance and staking to grow its Ethereum holdings. So far, the company has earned 722 ETH by running validator nodes or through other validators. In the week ending July 25, the firm raised $279.2 million through an at-the-market share issuance.

Companies increasingly pivot to Ethereum treasuries

SharpLink’s acquisitions reflect a growing institutional shift toward Ethereum. On July 7, Nasdaq-listed Bit Digital officially pivoted away from Bitcoin (BTC), converting its 280 BTC treasury to Ethereum.

This institutional interest has contributed to Ethereum’s rally, with its price approaching $4,000. According to Shawn Young, Chief Analyst at MEXC Research, spot ETH ETF inflows are being driven by both whales and corporate treasury holders.

“While Bitcoin remains the macro bellwether, Ethereum is fast becoming the preferred exposure for institutions looking to tap into the growth of tokenized real-world assets and stablecoin settlement layers,” Shawn Young, MEXC Research.

Ethereum’s central position in the largest DeFi ecosystem is why some analysts now refer to it as “digital oil.” Its decentralized architecture and deflationary tokenomics position it to benefit from the rise of real-world assets, which are now valued at over $5 billion on the Ethereum network.