SharpLink Gaming, a Minnesota-based affiliate marketing firm, purchased 176,270.69 $ETH worth approximately $463 million to expand its Ethereum treasury strategy. This acquisition makes SharpLink the second-largest $ETH holder after the Ethereum Foundation, which holds 214,129 $ETH valued at over $540.7 million. CEO Rob Phythian emphasized the company's belief in Ethereum as foundational infrastructure for digital commerce and decentralized applications. The purchase follows a $425 million private placement led by Consensys and additional fundraising through a $1 billion ATM equity program. Despite the strategic move, SharpLink's stock dropped about 70% after a SEC filing revealed a potential resale of 68 million common shares. At the time, $ETH traded at $2,544, down over 8% in 24 hours. SharpLink is publicly listed on Nasdaq and collaborates with international sportsbooks and online casinos for marketing.