SharpLink Buys IDR 796 Billion Ethereum, Share Price Rises Sharply – What Does It Mean for Crypto?

Jakarta, Pintu News – Nasdaq company SharpLink Gaming (SBET) surprised the market with a massive Ethereum (ETH) purchase worth $48.85 million (around Rp796 billion, exchange rate 1 USD = Rp16,287) last Sunday. The acquisition increased the company’s ETH position to around 216,000 ETH, making SharpLink the second largest Ethereum treasury holder in the world after the Ethereum Foundation.

Massive Ethereum Buyouts and Their Effect on Stock Prices

SharpLink didn’t just make a purchase last Sunday. On the previous Friday, it also bought 21,487 ETH worth $63.7 million (Rp1.037 trillion). Both purchases were made through Galaxy Digital, one of the largest crypto OTC desks. SharpLink shares soared, closing at $21.65 up 17.5% on the day, and up 71% on the week. On Sunday, the shares gained another 7.16% to $23.20, while the ETH price itself rose 3% in the last 24 hours.

This phenomenon is similar to MicroStrategy’s strategy of collecting Bitcoin (BTC) for corporate treasury. However, SharpLink chose ETH as its main treasury asset, marking a shift in the trend of public companies looking to stand out in the crypto market.

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Ethereum Treasury Business Transformation and Strategy

SharpLink was previously known as an affiliate marketing company for gambling and sports betting sites. However, since last May, they transformed into a crypto treasury institution after bagging a $425 million private investment led by Consensys. This transformation also brought Joseph Lubin, co-founder of Ethereum and CEO of Consensys, as SharpLink’s chairman.

According to Lubin, this move is not just “trading” but a long-term commitment to strengthening the Ethereum ecosystem. “We are buying, staking, and restaking ETH to maintain the health of the ecosystem, while pulling ETH out of circulation,” Lubin said. He added that SharpLink wants to be a new model for organizations that want to contribute to decentralization and protocol-based finance.

SharpLink’s position in the Ethereum Ecosystem

With 216,000 ETH (around Rp3.52 trillion), SharpLink is now the second-largest ETH treasury owner, only behind the Ethereum Foundation. Others like PulseChain Sac, Coinbase, Golem Foundation, and Bit Digital are still far below. Even so, ETH is still less popular than Bitcoin as a treasury asset for public companies, mainly due to ETH’s more dynamic fluctuations and inflation/deflation mechanisms.

Although the price of ETH has recently returned to the $3,000 level, it is still underperforming Bitcoin in 2025. However, massive buying like this could strengthen the institutional narrative towards ETH, while reducing the circulating supply.

Conclusion

SharpLink’s aggressive move to buy Ethereum is a new signal in the public finance market. Apart from boosting the company’s share price and existence, this action also strengthens ETH’s position as an institutional treasury asset. This ETH-based treasury model could become a new trend, pushing the Ethereum ecosystem even stronger in the future.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Decrypt. SharpLink Buys $48M in Ethereum, Lifts Stock Higher in Overnight Trade. Accessed July 15, 2025.