SharpLink Boosts Ethereum Holdings by $177 Million, Reaching 837,000 ETH

SharpLink Gaming, a company focused on digital asset treasury management, has significantly expanded its Ethereum holdings, acquiring an additional 39,008 ETH valued at approximately $177 million. This strategic purchase, executed over the past week at an average price of $4,531 per ETH, brings the company's total Ethereum reserves to 837,230 ETH, currently worth around $3.6 billion.

Key Takeaways

• SharpLink Gaming acquired 39,008 ETH for roughly $177 million.

• The company's total ETH holdings now stand at 837,230 ETH.

• SharpLink has over $71.6 million in cash available for future ETH purchases.

• The company's "ETH concentration" metric has risen significantly.

Strategic Expansion of Ethereum Treasury

SharpLink's recent acquisition was largely funded by $46.6 million in net proceeds from its at-the-market equity program for the week ending August 31. This move underscores the company's commitment to its Ethereum-denominated treasury strategy, which it launched in early June. Since its inception, the strategy has also generated cumulative staking rewards of 2,318 ETH.

Financial Position and Future Outlook

The company reported having more than $71.6 million in cash yet to be deployed, indicating a continued appetite for further Ethereum acquisitions. SharpLink's internal "ETH concentration" metric, which measures the ratio of ETH exposure to cash on a cash-converted basis, has increased to 3.94, signifying a substantial increase in its ETH-focused asset allocation.

Industry Trend and Leadership

This expansion places SharpLink among the leading public corporate holders of Ethereum. It aligns with a broader trend observed in the market this summer, where ETH-focused digital asset treasuries have seen substantial growth. Joseph Lubin, a co-founder of Ethereum and founder/CEO of Consensys, was appointed Chairman of SharpLink in May 2025, following a significant $425 million private investment round led by Consensys and other prominent investors.

Market Context

As of Tuesday, SharpLink Gaming (SBET) shares were trading at $17.8, a slight decrease from the previous day, while ETH experienced a minor dip to around $4,300 amid a general lull in the cryptocurrency market. Despite this, ETH has shown considerable strength over the past month, with a notable increase in its all-time high reaching $4,946 in August.

Sources

• Joseph Lubin’s SharpLink adds $177 million worth of Ethereum, raising treasury holdings to 837,000 ETH, The Block.

• Ethereum Treasury SharpLink Adds $176 Million in ETH to Holdings, Yahoo Finance.

• Ethereum Treasury SharpLink Adds $176 Million in ETH to Holdings, Decrypt.