SharpLink Gaming has bolstered its Ethereum holdings to a staggering 859,853 ETH, valued at approximately $3.5 billion, following the acquisition of 19,271 ETH in October 2025. The purchase, executed on October 17 at an average price of $3,892 per token, was funded by a $76.5 million capital raise completed just days earlier.
Co-CEO Joseph Chalom emphasized the strategic move, stating, "The capital raise completed last week was executed at a premium to NAV. Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital." This accumulation is part of SharpLink's focused strategy to enhance shareholder value through disciplined ETH investments.
The company's proprietary ETH Concentration metric has doubled to 4.0 since the program's inception in June, reflecting the amount of ETH, including liquid staking tokens, per 1,000 diluted shares. Additionally, SharpLink's staking operations have generated 5,671 ETH in rewards since June, worth around $22 million at current prices, showcasing active utilization of its holdings.
Despite the aggressive treasury buildup, SharpLink's stock fell 2.1% after the announcement, extending a 66% decline from July highs, indicating a disconnect between the company's asset growth and market performance. The news follows a disclosure from competitor BitMine, which holds 3.24 million ETH, underscoring the intensifying corporate race in cryptocurrency accumulation.
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