Ethereum Treasury SharpLink Adds $252 Million in ETH to Holdings

Gambling marketer turned Ethereum treasury company SharpLink Gaming boosted its ETH holdings last week, adding around $252 million in Ethereum to its stash, the firm announced Tuesday. 

SharpLink added 55,463 ETH at an average price of $4,462, the firm said. The additions bring its total haul to 797,704 ETH valued at $3.6 billion based on the current price of Ethereum.

“Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision and the commitment of our team,” said SharpLink co-CEO Joseph Shalom in a statement. 

“With nearly 800,000 ETH now in reserve and strong liquidity available for further ETH acquisitions,” he added, “our focus on building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem remains unwavering.”

The Minneapolis-based firm raised around $360 million via its at-the-money facility last week to buy Ethereum and maintains around $200 million in cash to buy ETH, according to its statement.

SharpLink is among a handful of Ethereum treasury companies racing to gobble up the second largest crypto asset, now holding around 0.61% of the total ETH supply and only trailing Tom Lee’s BitMine Immersion Technologies among publicly traded firms. BitMine holds more than double the amount of ETH as SharpLink, with about $7.7 billion worth as present.

The firm has publicly stated a goal of acquiring 1 million ETH as its first major milestone, a goal which is around 79% completed as of Tuesday morning. In a Myriad market on Linea, 54% of respondents believe that SBET will reach this goal by September 16. Those odds have dropped 13% in the past 24 hours, despite the recent ETH purchases.

(Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)

Shares of SBET have jumped about 1% on Tuesday to change hands at $19.35. The firm’s stock has sunk more than 7% over the past month, despite Ethereum’s 19% gain for the same period.

ETH was trading at $4,520, down more than 2% over the past 24 hours, although it hit a record high above $4,900 over the weekend. The second-largest asset by market value has benefited from the rise of treasuries and exchange-traded funds focused on the asset.