SharpLink Gaming, a publicly traded company led by Joe Lubin, has been aggressively expanding its Ethereum (ETH) holdings since June 2025, adopting a strategy similar to MicroStrategy's Bitcoin accumulation. The company recently added 83,561 ETH, valued at approximately $304 million, bringing its total Ethereum treasury to 521,939 ETH worth around $1.9 billion. SharpLink's average purchase price for the latest acquisition was about $3,634 per ETH, with all holdings currently staked, generating staking rewards totaling 929 ETH since June. Prior to this, SharpLink had acquired nearly 50,000 ETH for over $120 million in multiple transactions, accumulating close to 499,000 ETH valued at about $1.8 billion. To finance further purchases, SharpLink announced a $200 million registered direct offering of common stock at $19.50 per share, with proceeds aimed at expanding its Ethereum treasury to $2 billion. This move positions SharpLink as the second-largest Ethereum holder among institutional investors, behind Bitmine, which holds $3 billion in ETH. The company's ongoing accumulation and staking strategy underscores its commitment to Ethereum as a core asset.