SharpLink Makes First Ethereum Buy in Over a Month as ETH Holdings Top $3.5 Billion

Ethereum treasury firm SharpLink Gaming announced Tuesday that it added nearly $79 million in ETH to its holdings in its first crypto buy in over a month. 

The Minneapolis, Minnesota-based firm now has 859,853 ETH, now worth over $3.5 billion, after it bought 19,271 ETH at a cost average of $3,892 per coin last week. Last week, the company announced that it had raised $76.5 million through a stock sale.

ETH’s price has swung wildly this month after crypto markets took a hit following the latest trade tariff threat from President Trump. The price of the second-biggest coin recently stood at $4,098 per coin, up nearly 4% over the last day while still down about 11% over the last two weeks.

“The capital raise completed last week was executed at a premium to NAV,” SharpLink Co-CEO Joseph Chalom said in a statement. “Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital.”

Publicly traded SharpLink (SBET) was trading more than 1% higher on Tuesday at $15.01 per share. SharpLink’s stock has shot up nearly 400% since mid-May, when it was trading for less than $3 per share. However, it’s down about 13% over the last month.

The company in May first announced it would buy ETH via a $425 million private investment in public equity (or PIPE) offering led by blockchain technology firm Consensys and with participation from Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

SharpLink was an online gambling marketing company, but in May pivoted to become a crypto treasury, following the model of Strategy—formerly MicroStrategy—which shifted from software development to buying Bitcoin in 2020 after years of struggling and low share prices.

Instead of buying Bitcoin, SharpLink opted for the second-biggest digital coin by market cap, Ethereum.

It is now one of the biggest digital asset treasuries. A number of publicly-traded companies this year pivoted to buying cryptocurrencies to boost stock prices and make better use of their cash. In terms of Ethereum treasuries, SharpLink ranks second behind BitMine Immersion Technologies, led by Chairman Tom Lee, which holds $12 billion worth of ETH.