SharpLink buys ETH again, can the Ethereum reserve company rise to the occasion with Tom Lee's backing?

The American online gaming company SharpLink has once again purchased 7,689 ETH, bringing the company's total ETH holdings to 205,634 ETH, making it the largest publicly listed company by Ethereum reserves in the world. Well-known Wall Street analyst Tom Lee recently announced his appointment as chairman of Bitcoin miner BitMine and launched a $250 million private sale plan for Ethereum reserves (ETH), attempting to create a "MicroStrategy for Ethereum." The stock price (BMNR) has astonishingly increased 23 times in less than two weeks. With Tom Lee's backing, can the Ethereum reserve company rise to prominence?

SharpLink issues new shares to buy ETH

SharpLink announced its entry into the Ethereum (ETH) strategic reserve at the end of May, and on 6/13 announced that it had purchased 176,270.69 ETH, spending a total of 460 million USD, making it the largest publicly listed company with Ethereum reserves globally, and the second largest ETH holder after the Ethereum Foundation.

SharpLink issued new shares at market price (ATM) and sold 5.5 million common shares, raising approximately $64 million in net proceeds. They used this revenue to buy back 7,689 ETH, bringing the company's total ETH holdings to 205,634 ETH.

In addition, SharpLink will deploy all of its held ETH in staking solutions, and since June 2, 2025, it has generated 322 ETH rewards.

Tom Lee's endorsement has led to the rise of ETH reserve strategy companies.

The trend of companies incorporating crypto assets into their balance sheets continues to heat up. Bitcoin miner Bit Digital recently announced a major adjustment to its asset allocation strategy, selling Bitcoin to switch to Ether, and expanding its holdings to over 100,000 ETH in a short period, with the holding amount second only to SharpLink.

( Bitcoin miner transforms into Ethereum whale: Bit Digital holds 100,000 ETH, is the valuation still underestimated? )

In addition, well-known Wall Street strategist and co-founder of financial research firm Fundstrat, Tom Lee, recently announced his appointment as chairman of Bitcoin miner BitMine and launched a private sale plan for a reserve asset of 250 million dollars in Ether (ETH), attempting to create a "MicroStrategy of the Ethereum world." Although BitMine has not yet purchased Ether, its stock price (BMNR) has astonishingly surged 23 times in less than two weeks, demonstrating the frenzy of investors.

(Wall Street analyst Tom Lee enters Bitcoin miner BitMine, investing $250 million to create Ethereum microstrategy)

After Sharplink announced its entry into Ethereum (ETH) in May, the stock price surged from around $6, peaking at $124. However, the company submitted an S-3 form to the SEC on June 12, registering over 58.7 million shares for potential future resale, which the market interpreted as "imminent large-scale sell-off," triggering panic selling pressure. The SBET stock price plummeted by more than 70% in a single day, returning to around $10, and the stock price hovered at that low for nearly a month.

Driven by the news of buying coins yesterday, SBET finally broke free from recent gloom, with its stock price rising 28% in a single day.

This article SharpLink buys ETH, can the Ethereum reserve company rise to the occasion with the endorsement of Tom Lee? Originally appeared on Chain News ABMedia.