SharpLink Expands Ethereum Treasury to 837,230 ETH

SharpLink Gaming (SBET) disclosed that it purchased more than $176 million in ETH during the final week of August. The acquisition raised its total stash to 837,230 ETH, valued at nearly $3.6 billion as of August 31.

While its ETH strategy draws attention, the company’s stock performance has offered little excitement for investors, particularly as September began with a waning risk appetite for equities and other volatile assets.

SharpLink’s $176 Million Ether Buying Spree

SharpLink, the Minnesota-based firm, bought 39,008 ETH between August 25 and August 31 at an average price of $4,531. The purchases were partly funded by $46.6 million raised through its at-the-market (ATM) equity program.

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SharpLink reported its ETH concentration ratio—measuring digital assets relative to cash—jumped to 3.94, nearly doubling since early June. At this level, the company holds close to four dollars of ether for every dollar of cash on hand, assuming full deployment of its remaining $71.6 million liquidity.

Cumulative staking rewards have reached 2,318 ETH since the firm launched its Ethereum-denominated treasury strategy on June 2.

Co-CEO Joseph Chalom said, “We continue to execute our treasury strategy with precision, growing our ETH holdings and consistently earning staking rewards. We remain opportunistic in our capital raising initiatives and will closely monitor market conditions to maximize shareholder value.”

SharpLink’s transformation into an Ethereum treasury vehicle accelerated in May after a $425 million private investment round led by Consensys, Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital. That same month, Consensys founder Joseph Lubin was appointed Chairman, solidifying the company’s pivot away from its prior focus on gambling marketing technology.

Stocks Swing as Ether Treasuries Balloon

Despite its aggressive buying, SharpLink’s stock has been volatile. SBET traded at $16.98 on Tuesday, down nearly 5% on the day, though the shares have risen more than 400% since mid-May, when they traded below $3.

On the same day, BitMine Immersion Technologies (BMNR), which is also pursuing an Ethereum-based treasury strategy, said it holds about 1.87 million ETH — the world’s largest corporate Ether treasury — and traded at $42.49, down 2.59% from the previous day.

Meanwhile, Ethereum traded at $4,343, up 0.3% from 24 hours earlier, down about 11.4% since topping $4,900 on August 24.