Gaming company Sharplink has taken a significant step into the cryptocurrency market by establishing an Ethereum Treasury Reserve and acquiring over $462 million in ETH. This move positions them as the largest public holder of ETH, second only to the Ethereum Foundation. 176,270.69 ETH worth approximately $462.9 million was purchased at an average price of $2,626 per coin. This purchase reflects a major shift in the company’s strategy, placing Ethereum at the core of its digital asset reserves. The funding for this acquisition came from a $425 million private placement deal and another $79 million via an at-the-market (ATM) equity offering. Sharplink has already deployed over 95% of their ETH into staking and liquid staking protocols, contributing to Ethereum’s network security while generating passive income. 66% price drops in share value have been reported since the announcement, following a regulatory filing that outlines potential future share sales. However, despite this drop, shares are still up nearly 230% year-to-date.