SharpLink’s ETH Acquisition Hits 740K Post $537M Raise
SharpLink Gaming, the Nasdaq-listed ether treasury firm led by Ethereum co-founder Joe Lubin, has ramped up its ETH acquisition strategy. Initially unveiling a $400 million registered direct offering alongside a $200 million at-the-market facility to boost its ETH treasury to roughly 598,800 tokens (over $3 billion), SharpLink proceeded with a recent purchase of 143,593 ETH. In total, the firm secured net proceeds of $537 million—$390 million from the direct sale and $146.5 million from ATM issuances—at an average price of $4,648 per ETH (about 8% above market), bringing its holdings to 740,760 ETH (approx. $3.18 billion). Despite this aggressive ETH acquisition, SharpLink still trails BitMine Immersion Technologies, which now holds over 1.5 million ETH. With $84 million in cash reserves, SharpLink is positioned to sustain its ETH acquisition momentum, underscoring rising institutional demand for ether and potential support for ETH prices.
Bullish
SharpLink’s continued ETH acquisition at a premium, backed by institutional investors and complemented by ATM issuances, reduces available supply and signals strong market confidence. The $537 million raise and 740,760 ETH treasury—against BitMine’s 1.5 million ETH—demonstrate aggressive institutional accumulation. In the short term, such large-scale purchases may drive price spikes; in the long term, they underline sustained demand and potential price support for ETH.