SharpLink Gaming, the Nasdaq-listed digital asset treasury firm led by Ethereum co-founder Joe Lubin, significantly bolstered its Ether reserves last week with a $252 million purchase. The company acquired 56,533 ETH at an average price of $4,462 per token between August 18 and August 24, bringing its total holdings to 797,704 ETH worth approximately $3.7 billion.
The Minneapolis-based firm also raised $360.9 million in net proceeds through its at-the-market (ATM) equity program last week, leaving it with approximately $200 million in cash for additional ETH acquisitions. Since launching its ETH treasury strategy in June, SharpLink has dramatically scaled its holdings from 438,000 ETH to nearly 800,000 ETH, making it one of the largest corporate holders of Ethereum globally.
Co-CEO Joseph Chalom stated: "Our regimented execution of SharpLink's ETH treasury strategy continues to demonstrate the strength of our vision. We are committed to building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem."
The company also reported that total staking rewards since June have climbed to 1,799 ETH. SharpLink introduced a new "ETH Concentration" metric measuring ETH holdings per 1,000 assumed diluted shares outstanding, which has more than doubled since June to above 4.0.
In a related move, SharpLink's board approved a $1.5 billion stock buyback plan last week to enhance shareholder value while continuing to deploy capital into its crypto strategy. The news comes as ETH treasury firms collectively hold approximately 2.6% of Ethereum's supply according to Standard Chartered, with BitMine Immersion Technologies leading with 1.72 million ETH holdings.