SharpLink Gaming Boosts ETH Holdings to 797,704 After $252M Purchase
SharpLink Gaming has deepened its Ethereum treasury strategy since June 2 by launching its staking program and raising capital via direct offerings and at-market (ATM) token issuances. On August 19, SBET acquired 143,593 ETH for $667 million at an average price of $4,648 per ETH. In the week to August 24, the company spent $252 million to obtain 56,533 ETH at $4,462 per token, lifting its total ETH holdings to 797,704 ETH valued at $3.64 billion. These ETH holdings were funded by $537 million from an earlier offering and $360.9 million in net ATM proceeds, leaving approximately $200 million in cash reserves for future ETH acquisitions. Since June, SharpLink Gaming’s staking program has generated 1,388 ETH in rewards, and the firm launched a $1.5 billion share buyback to capitalize on its net asset value. Corporate Ethereum reserves across all public companies now exceed $12 billion (over 2% of total supply), with BitMine Immersion leading at 1.71 million ETH. While ETH has surged over 80% in the past 60 days, SBET’s shares have fallen 65% since June.
Bullish
SharpLink Gaming’s aggressive ETH acquisitions reduce available supply and signal strong corporate demand, which could drive short-term price gains. The continued staking rewards and reinvestment strategy support sustained demand, while the firm’s sizeable cash reserves and share buyback program underline confidence in Ethereum’s long-term value. Persistent accumulation by a public company bolsters market sentiment, making the outlook for ETH price bullish despite volatility risks.