SharpLink Gaming, Inc., a Nasdaq-listed company and one of the leading Ethereum treasury firms, has purchased an additional 39,008 ETH tokens as part of its ongoing accumulation strategy. The acquisition, funded through a $46.6 million capital raise via its at-the-market facility, brings the company's total ETH holdings to 837,230 tokens valued at approximately $3.6 billion.
The Minneapolis-based firm now ranks as the world's second-largest corporate holder of Ethereum, trailing only BitMine Immersion which holds a colossal 1.7 million ETH treasury valued at roughly $8.1 billion. SharpLink's latest purchase follows BitMine's acquisition of 153,075 tokens last week for approximately $665 million.
According to co-CEO Joseph Chalom, the company employs a continuous cycle of raising capital from both retail and institutional investors and converting it into Ether. The strategy has left SharpLink with over $71 million in cash still available for further ETH conversions. "We remain opportunistic in our capital raising initiatives and will continue to closely monitor market conditions to maximize shareholder value," Chalom stated.
The company's pivot positions its stock (SBET) as a novel proxy for Ethereum exposure, offering traditional investors a compliant, equity-based avenue into the crypto ecosystem. A key metric underscoring this shift is SharpLink's proprietary "ETH Concentration" ratio, which has surged to 3.94 – up 97% since the strategy launched on June 2. This ratio quantifies how much ETH backs each share, providing investors with a transparent measure of their direct claim on the company's primary asset.
Additionally, SharpLink has earned 2,318 ETH in staking rewards valued at over $10 million at current prices, further enhancing the value proposition for shareholders. The company's chairman, Joe Lubin (also CEO of Consensys), recently predicted that Ethereum could potentially surge 100X from current trading levels, though he clarified there is no rivalry between himself and BitMine's Tom Lee.