SharpLink Gaming has made a massive move into Ethereum, purchasing $667.4 million worth of Ether as the cryptocurrency traded near all-time highs. According to a filing with the US Securities and Exchange Commission, the company added 143,593 ETH at an average price of $4,648 per coin while prices climbed above $4,700.

The latest buy brings SharpLink’s total Ether holdings to 740,760 ETH, valued at roughly $3.2 billion at current market levels. The company also disclosed it has generated 1,388 ETH in staking rewards, confirming that nearly all of its Ether is deployed in Ethereum’s proof-of-stake network, including liquid staking platforms.

However, the timing of the purchase has raised eyebrows as it followed SharpLink’s report of a $103 million net loss in the second quarter of 2025. Much of the loss was attributed to accounting impacts from liquid staked Ether, raising concerns about the firm’s aggressive crypto exposure.

Investor sentiment turned negative as shares of SharpLink dropped 12% on Friday and closed at $20.10 on Monday, marking a 13.5% decline over the past week. The company also warned in its filing that staking activities could face future regulatory scrutiny.

SharpLink’s bold move comes as institutional interest in Ethereum surges. Spot Ether ETF issuers recorded $3.7 billion in inflows between August 5 and 14. Rival BitMine took the lead with a $1.7 billion purchase of 373,000 ETH, boosting its holdings to 1.52 million ETH worth about $6.6 billion.

With its latest acquisition, SharpLink remains a significant player but still trails BitMine and Michael Saylor’s Strategy, which continues to dominate as the world’s largest crypto treasury with 629,376 Bitcoin valued at nearly $73 billion.