SharpLink’s Ether Treasury Tops $3.1 Billion After Latest Purchases
SharpLink Gaming said it bought 143,593 ether in the week ended Aug. 15, lifting its total holdings to 740,760 ETH, worth roughly $3.18 billion at prevailing prices. The Nasdaq-listed firm, led by Ethereum co-founder Joe Lubin, has rapidly shifted to an ether-focused treasury strategy since late May as it accumulates tokens and stakes them to earn rewards.
To fund the recent buys, SharpLink raised $537 million in net proceeds during the same week. That haul included a $390 million registered direct offering that closed on Aug. 11 and about $146.5 million raised via its at-the-market issuance program. The company reported an average purchase price of $4,648 per ETH for last week’s acquisitions, a level roughly 8% above the asset’s then-current market price after a brief pullback.
Despite the aggressive build-up, SharpLink’s accumulation pace trails rival BitMine Immersion Technologies, which holds more than 1.5 million ETH (about twice SharpLink’s balance). SharpLink said it still has more than $84 million in cash available to deploy for further purchases. The company’s move underscores a broader trend of publicly traded firms using equity and market programs to scale crypto treasuries.
