Ethereum briefly surged above $3,700 on Monday, marking a 4% daily gain and a strong rebound from last week’s drop below $3,400. The price uptick came after the news that SharpLink Gaming made another large Ethereum purchase, adding $66.63 million worth of ETH to its treasury.
According to on-chain data from Lookonchain, SharpLink acquired 18,680 ETH in a single transaction. The company now holds 498,711 ETH, worth roughly $1.81 billion, making it one of the largest public Ethereum holders globally.
Corporate Strategy Shift
SharpLink, originally focused on iGaming and sports betting technology, has transitioned over the past year to a crypto treasury-first model. Its accumulation strategy mirrors that of Strategy (formerly MicroStrategy), but centers on Ethereum rather than Bitcoin.
Chairman Joseph Lubin, who also co-founded Ethereum and leads Consensys, has emphasized that SharpLink’s strategy goes beyond simple asset storage. It includes yield generation and plans for on-chain integration. This marks a contrast to other corporate treasury models built around passive Bitcoin holdings.
Read also: SharpLink Becomes Top Corporate Holder of Ethereum
Stock and Market Response
Following the latest purchase, SharpLink shares rose over 12%, trading above $19.30 on Monday. The company’s stock is up more than 280% in the past six months, fueled largely by investor interest in its Ethereum-focused approach.
The broader Ethereum market has also shown signs of renewed accumulation. Whale wallets added more than $500 million in ETH over the past week. Staking queues suggest continued institutional demand, with a shrinking exit queue and growing entry queue.
