Ethereum Treasury Giant SharpLink Targets 5% Supply With $667M Buy

SharpLink (SBET) just executed another monster Ethereum purchase 143,593 ETH for $667.4M at an average price of $4,648 lifting its stack to 740,760 ETH ($3.2B) and cementing its status among the world’s largest disclosed Ether treasuries. The buy was funded via a mix of ATM proceeds and a recently closed registered direct offering, underscoring the company’s full-throttle pivot to ETH as its primary treasury reserve asset.

Source|X,SharpLink

Fundraising Fuels ETH Accumulation

In a press update and SEC-filed materials, SharpLink said it raised about $537M net last week and deployed a large portion into Ether at near cycle-high prices, an aggressive signal of long-term conviction rather than dip-buying opportunism. The firm also reported 1,388 ETH in cumulative staking rewards since launching the strategy in early June, a detail that highlights the yield component traditional corporate treasuries don’t get with Bitcoin.

Racing Toward the 5% Supply Benchmark

Market-wise, SharpLink’s rapid accumulation puts it in constant comparison with BitMine Immersion (BMNR), which has publicly set an ambition to control 5% of ETH’s total supply and, as of this week, disclosed holdings north of 1.5M ETH ($6.6B). That 5% goal is driving headlines across the sector and appears to be the benchmark institutions are watching. To be clear: BitMine is the company that has explicitly articulated the 5% target; SharpLink has not formally stated that same goal in filings, though headlines often frame today’s moves within that broader race to 5% narrative.

Corporate Strategy: Raise, Buy, Stake

Like BitMine, SharpLink is scaling via equity capital and immediately converting inflows into ETH, then staking the asset to activate yield. That flywheel raise, buy, stake, report has drawn mainstream coverage and investor attention as Ether’s role in stablecoins, tokenization, and L2 activity strengthens the treasury use case. Recent rundowns from Business Insider and Investopedia frame ETH as the next dominant corporate treasury asset even as Bitcoin keeps the “digital gold” crown.

Market Impact: Supply Squeeze & Equity Proxies

For holders and traders, the implications are twofold:

• Supply absorption & staking lock-up:Large, steady purchases shrink liquid float especially when staked, potentially dampening downside liquidity and amplifying upside squeezes during risk-on flows. SharpLink’s weekly cadence and BitMine’s stated ambitions raise the odds of more persistent demand for ETH on rallies and dips alike.

• Equity proxies for ETH exposure: Stocks like SBET and BMNR have traded as high-beta ETH proxies, reacting to treasury updates and ETH price moves. Reuters recently highlighted ether-linked equities ripping on ETH strength an angle content creators and investors are now tracking daily.

Why This Matters Right Now

With ETH hovering in the mid-$4K range, institutional treasuries are buying size at elevated prices, not just on pullbacks. That speaks to a structural thesis: ETH’s utility and staking yield may warrant persistent allocation even during strength. If that behavior persists, it could reshape ETH’s market microstructure, from order-book depth to staking participation and real-yield dynamics.

Disclaimer

The information in this article is provided for educational and informational purposes only and should not be considered financial or investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always do your own research and consult with a licensed financial advisor before making any investment decisions.