[DigitalToday reporter Jinju Hong (홍진주)] SharpLink Gaming bought additional Ethereum (ETH) worth about $46.7 million, further strengthening its corporate-focused Ethereum holding strategy. Some see it as a leading case of applying a Michael Saylor-style reserve-asset strategy to Ethereum.

U.Today, a blockchain media outlet, reported on June 28 local time that SharpLink Gaming recently bought an additional 29,195.83 ETH from Galaxy Digital. The average purchase price was $1,599.50 per token, bringing the transaction to about $46.7 million.

With the latest purchase, SharpLink Gaming's on-chain Ethereum holdings surpassed 202,000 ETH. The value of its holdings was estimated at about $342 million at current prices.

Market attention is focused less on the scale of the buying than on the company's treasury strategy. SharpLink Gaming has adopted a strategy of incorporating cryptocurrency as a core corporate reserve asset rather than a short-term investment. The approach is similar to Michael Saylor's strategy of repeatedly buying bitcoin, but differs in that it chose Ethereum rather than bitcoin.

Staking lies behind its choice of Ethereum. With bitcoin, holding itself is central to the investment strategy, but with Ethereum, holders can earn additional rewards through staking. For companies, it is a structure that allows them to invest in the potential for long-term price gains while also participating in blockchain network operations to generate ongoing revenue.

U.Today described it as a new corporate treasury model aiming for both repeated blockchain rewards and long-term capital growth potential.

Some analysis says SharpLink Gaming is also betting on the broader Ethereum ecosystem through this purchase. Ethereum has established itself as key infrastructure across fields including decentralised finance (DeFi), real-world assets (RWA), stablecoins and blockchain payments. The company's strategy is seen as securing a large holding before institutional adoption of Ethereum accelerates, aiming to capture the benefits of future growth.

The timing of the purchase is also drawing attention. Ethereum has recently shown price stability around $1,600, but technically it is still trading below major moving averages and has not fully escaped a weak trend. In this situation, the inflow of corporate buying with a long-term investment character suggests it may have judged the market to be a low-price buying zone.

Risks also exist. As SharpLink Gaming holds a substantial portion of its corporate assets in Ethereum, future performance and corporate value could be heavily affected by swings in Ethereum prices. Given the high volatility typical of cryptocurrencies, the structure also expands financial risk alongside long-term profit opportunities.

Even so, SharpLink Gaming continues to expand its Ethereum-centred treasury strategy. With the additional purchase, it has become one of the companies most actively accumulating Ethereum among those that can be publicly verified. The market is also watching whether more listed companies will adopt not only bitcoin but also ethereum as corporate reserve assets.