SharpLink Gaming has further cemented its place among the world’s top Ethereum holders, expanding its treasury to 859,853 ETH - now worth approximately $3.5 billion.
The announcement came shortly after the company completed a $76.5 million capital raise, which was used to acquire an additional 19,271 ETH at an average cost of $3,892 per token.
In a press release on Tuesday, SharpLink stated that its Ethereum-focused strategy continues to deliver results. Since launching its Ether treasury in June, the company has earned 5,671 ETH through staking rewards – equivalent to about $23 million at current market prices near $4,100. The move highlights SharpLink’s growing confidence in Ethereum’s long-term outlook, as it converts its idle crypto holdings into income-generating assets through validator participation on the proof-of-stake network.
NEW: SharpLink acquired 19,271 ETH at an average price of $3,892, bringing total holdings to 859,853 ETH valued at $3.5B as of October 19, 2025.
Key highlights for the week ending October 19, 2025:
– Raised $76.5M at a 12% premium to market
– Added 19,271 ETH at $3,892 avg.… pic.twitter.com/Y4Ewu4EiuF— SharpLink (SBET) (@SharpLinkGaming) October 21, 2025
Corporate Interest in Ethereum Intensifies
SharpLink became the first publicly traded company to unveil a dedicated Ethereum treasury strategy earlier this year. Its initial $425 million private investment in public equity (PIPE) on May 27 marked a turning point for institutional engagement with ETH. Since then, investor enthusiasm has grown rapidly – SharpLink’s stock price has surged by more than 450% in the past six months, according to Yahoo Finance data.
The company’s leadership views Ethereum not only as a store of value but also as an infrastructure layer with yield potential. Through staking, corporations like SharpLink can earn consistent rewards while supporting the blockchain’s security and decentralization. This approach mirrors the trend first popularized by Bitcoin treasuries, now evolving into an Ethereum-driven model.
Bitmine Leads Corporate Accumulation Race
However, SharpLink’s massive accumulation still trails behind Bitmine Immersion Technologies, currently the largest Ethereum treasury company. Bitmine has adopted a highly aggressive accumulation strategy, purchasing another $250 million worth of ETH on Monday. This latest move brings its total holdings to roughly 3.24 million ETH – valued at over $13 billion – representing about 2.74% of Ethereum’s total supply. Bitmine’s chairman, Tom Lee, described the move as a response to the “price dislocation,” calling the current market conditions an attractive risk/reward opportunity for long-term holders.
🧵
BitMine provided its latest holdings update for Oct 20, 2025:
$13.4 billion in total crypto + "moonshots":
– 3,236,014 ETH at $4,022 per ETH (Bloomberg)
– 192 Bitcoin (BTC)
– $119 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
-…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 20, 2025
Despite the ongoing market pullback – with ETH prices falling about 14% over the past two weeks and nearly 10% in October – large-scale acquisitions by companies like Bitmine and SharpLink signal strong conviction in Ethereum’s long-term potential. Data from Strategicethreserve.xyz shows that 69 corporate entities now collectively hold 5.74 million ETH across treasuries, staking pools, and institutional funds.
Another notable entrant is Ether Machine, the third-largest Ethereum treasury company with 496,710 ETH under management. Launched in July as a yield-bearing Ether fund, it caters to institutional clients seeking exposure to Ethereum’s staking economy.
Ethereum Foundation’s $650 Million Transfer Raises Eyebrows
While corporations are accumulating ETH, the Ethereum Foundation has drawn attention for a very different reason. Blockchain analytics platform Arkham Intelligence recently revealed a $654 million transfer from one of the Foundation’s primary wallets to another address commonly associated with token sales. The transaction – far larger than the Foundation’s usual transfers, which rarely exceed $10 million – has sparked intense speculation about its purpose.
THE ETHEREUM FOUNDATION JUST TRANSFERRED $650M $ETH
The Ethereum Foundation just transferred $654M of ETH to a wallet used for selling in the past.
This wallet has only made significant transfers to:
Kraken Deposit
SharpLink Gaming
A Multisig that sells ETH pic.twitter.com/hqdQINzx0P— Arkham (@arkham) October 21, 2025
Some in the community believe this transfer could be tied to internal issues at the Ethereum Foundation. Just days before the transaction, veteran Ethereum developer Péter Szilágyi announced his resignation, citing years of underpayment and frustration with management. Szilágyi revealed that he earned only $625,000 before taxes over six years, despite helping build a network that now boasts a $450 billion market capitalization.
Following his departure, the Foundation’s co-executive director issued a public statement acknowledging the problem and admitting that many long-time contributors were “underpaid for the value they brought.” While some speculate that the recent transfer could be meant to address these concerns, no official confirmation has been made.
Developer Compensation Controversy Deepens
The timing of the Foundation’s transfer has reignited debate over how decentralized organizations compensate their builders. Many community members argue that the Ethereum Foundation’s financial transparency has lagged behind its ideals of decentralization and openness.
Since y'all spammed my timeline full of #Ethereum existential crises, here's a letter I sent to EF leadership in a year and half ago 😬.
(link in next post because Twitter…)
— Péter Szilágyi (@peter_szilagyi) October 19, 2025
Others defend the Foundation’s actions, noting that high-value transfers may simply be part of operational management or funding for upcoming ecosystem grants.
Still, the idea that some of the funds could be directed toward developer compensation has gained traction. Several analysts noted that the Foundation’s recent sales coincided with internal tension and staffing changes – a pattern not uncommon in organizations managing multi-billion-dollar treasuries.
Market Outlook and Institutional Impact
At present, Ethereum’s price remains stable around $4,100 despite the recent selloff and growing uncertainty around the Foundation’s financial moves. Analysts caution that if the Foundation decides to liquidate even a portion of the $650 million in ETH, it could temporarily increase selling pressure in the market. However, others believe the transfer may simply represent internal reallocation or funding for ecosystem development.
Meanwhile, corporate buying trends continue to paint a different picture. With SharpLink, Bitmine, and Ether Machine leading the charge, institutional treasuries are turning Ethereum into a yield-generating asset class akin to digital bonds. The growing wave of corporate participation suggests that Ethereum’s future as a financial reserve network is solidifying – even as short-term sentiment wavers.
Whether the Ethereum Foundation’s move is a strategic sale, a payout to developers, or a long-term treasury adjustment, the outcome will likely shape ETH’s near-term volatility. But for companies like SharpLink Gaming, the recent market correction appears to be a buying opportunity rather than a cause for concern – reaffirming the growing institutional belief that Ethereum’s true potential is still unfolding.
