SharpLink Gaming has stunned the crypto world by purchasing 77,210 ETH — a $295 million buy that exceeds the entire net issuance of Ethereum in the past 30 days. According to blockchain data platform Ultra Sound Money, only 72,795 ETH was issued during that period. SharpLink staked most of its new holdings to generate passive rewards from Ethereum’s proof-of-stake network.

With this latest acquisition, SharpLink now holds more than 438,000 ETH in total, valued at over $1.69 billion based on current prices. The firm has become the second-largest corporate holder of Ether, trailing only Bitmine Immersion Technologies, which boasts a staggering 566,000 ETH worth more than $2 billion.

In a bold statement on X, SharpLink wrote, “Banks close on weekends. Ethereum runs 24/7,” underscoring its belief in crypto’s always-on infrastructure.

The firm also revealed its intent to boost ETH reserves further. On July 18, it filed to increase its stock sale offering from $1 billion to $6 billion, with most proceeds earmarked for more ETH purchases.

SharpLink’s expansion isn’t limited to crypto. The company recently hired former BlackRock executive Joseph Chalom as co-CEO to lead global strategy. Earlier in May, ConsenSys CEO Joseph Lubin was appointed chairman of the board.

The aggressive buying by institutions like SharpLink and Bitmine is triggering concern about a looming ETH supply crunch. Bitmine has publicly stated its goal to control 5% of Ethereum’s total supply — or about 6 million ETH, currently valued at over $23 billion. Collectively, corporations and ETFs now hold more than 8.12 million ETH, or 6.73% of the total circulating supply.