SharpLink Gaming Raises $537M to Boost ETH Treasury to $3.2B
Nasdaq-listed SharpLink Gaming, co-founded by Ethereum’s Joe Lubin, doubled down on its ETH accumulation strategy. Last week, it purchased 143,593 ETH at an average price of $4,648. This brings its total Ether holdings to 740,760 ETH, valued at approximately $3.2 billion, a 94% increase since June 2.
To fund the purchase, SharpLink raised $537 million through a $390 million registered direct offering and $146.5 million via at-market issuance. The firm retains more than $84 million in cash for future deployments. Additionally, its staking program has generated 1,388 ETH in rewards to date.
In parallel, Nasdaq healthcare company KindlyMD made its first Bitcoin acquisition. Post-merger with Nakamoto Holdings, it acquired 5,743.91 BTC using PIPE proceeds. Its total Bitcoin treasury now stands at 5,764.91 BTC, acquired at an average price of $118,204.88 per coin, worth roughly $679 million. CEO David Bailey affirmed the goal of accumulating one million BTC, underscoring Bitcoin’s role as a reserve asset.
These moves highlight an emerging trend in corporate treasury management. Institutional ETH and BTC accumulation can tighten supply, boost staking yields, and influence market liquidity. Traders should monitor these developments for their potential impact on cryptocurrency price dynamics and market stability.
Bullish
SharpLink Gaming’s large-scale ETH accumulation and KindlyMD’s initial Bitcoin purchase underscore growing institutional demand. Such treasury strategies reduce circulating supply and signal confidence, often leading to price support. Historical cases like MicroStrategy’s BTC buys and Tesla’s Bitcoin holdings showed positive price reactions. In the short term, increased buy pressure may drive rallies. Over the long term, sustained corporate accumulation and staking yield could underpin higher floor prices and improved market stability.