SharpLink Boosts Ethereum Reserves by $177 Million, Exceeding 837,000 ETH

SharpLink Gaming, a prominent Ethereum treasury firm, has significantly expanded its digital asset holdings by acquiring approximately $177 million worth of Ether (ETH) over the past week. This strategic move has increased the company's total ETH reserves to an impressive 837,230 ETH, valued at nearly $3.6 billion as of Tuesday.

Key Takeaways

• SharpLink purchased 39,008 ETH at an average price of $4,531, bringing its total holdings to 837,230 ETH.

• The company retains $71.6 million in available cash for future Ether acquisitions.

• SharpLink's ETH concentration metric has risen to 3.94, indicating a substantial increase in its ETH-to-cash ratio.

Strategic Acquisition and Funding

The substantial purchase of Ether was primarily financed through $46.6 million in net proceeds generated from SharpLink's at-the-market equity program for the week ending August 31. This acquisition underscores the company's commitment to its Ether-denominated treasury strategy, which was launched on June 2.

Growing Treasury and Market Trends

SharpLink's cumulative staking rewards since the strategy's inception have reached 2,318 ETH. The company also reported over $71.6 million in unallocated cash, signaling potential for further investment. The internal "ETH concentration" metric, which measures the ratio of ETH exposure to cash on a cash-converted basis, has climbed to 3.94, nearly doubling since early June. This suggests a strong preference for holding Ether relative to cash reserves.

Joseph Lubin, a key figure in the Ethereum ecosystem and founder/CEO of Consensys, joined SharpLink as Chairman in May 2025, following a significant $425 million private investment round. SharpLink's substantial ETH holdings position it among the largest corporate Ether treasuries. This aligns with a broader trend observed in the digital asset market this summer, where ETH-focused treasuries have seen considerable growth, increasing from approximately $4 billion to over $12 billion by the end of August, driven by major acquisitions from companies like SharpLink and Bitmine Immersion.

Market Performance

On September 2, SharpLink's shares (SBET) closed down 3.5% at $17.8. Concurrently, Ether experienced a slight decline, falling nearly 2% to $4,300 amidst a general lull in the cryptocurrency market.

Sources

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