SharpLink Gaming, a Nasdaq-listed online gambling marketing company, has rapidly expanded its Ethereum (ETH) holdings since June 2025, becoming the largest corporate holder of ETH. The company began with 188,000 ETH valued at $457 million, all staked, and has since made multiple significant purchases through over-the-counter (OTC) deals, Coinbase Prime, Galaxy Digital, and directly from the Ethereum Foundation. As of July 31, 2025, SharpLink holds approximately 449,276 ETH worth $1.73 billion, with nearly all assets staked to earn rewards. Throughout July, SharpLink acquired over 300,000 ETH, including a $780 million purchase in that month alone. The average purchase price has increased over time, reaching around $3,238 for 79,949 ETH bought between July 14 and 20, and approximately $3,827 for 11,259 ETH acquired on July 31. SharpLink has raised substantial capital through equity offerings and ATM programs, including $413 million raised between July 7 and 11 and plans to raise up to $6 billion to fund further ETH acquisitions. The company's aggressive accumulation strategy has positioned it ahead of the Ethereum Foundation, which previously held the largest corporate ETH treasury. SharpLink's stock has responded positively to these purchases, with notable jumps following large acquisitions. The firm’s ETH holdings are predominantly staked via platforms like Figment and Liquid Collective, generating additional staking rewards. SharpLink is often compared to MicroStrategy for its large-scale corporate crypto treasury strategy, signaling growing institutional confidence in Ethereum as a strategic asset.