Sports betting and gaming technology firm SharpLink Gaming has expanded its Ethereum holdings to nearly $3.5 billion, after executing a strategic purchase of 19,271 ETH at an average price of $3,892 per token.
According to the company’s press release, the acquisition was funded by a $76.5 million capital raise completed days earlier. The move strengthens SharpLink’s already substantial Ether reserves and cements its position as one of the largest corporate holders of Ethereum globally.
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.
Following the transaction, SharpLink’s total ETH and cash reserves are now estimated at $3.5 billion, a sum that rivals the treasuries of top blockchain-native and publicly listed firms.
ETH concentration doubles amid staking growth
The company’s ETH Concentration metric which measures the number of Ether and liquid staking tokens held per 1,000 diluted shares has doubled since June to 4.0, underlining its aggressive treasury strategy.
In addition to accumulation, SharpLink has been leveraging its crypto assets through staking operations, generating 5,671 ETH in rewards since June. At current prices, this equates to roughly $22 million in additional yield.
These returns highlight SharpLink’s evolving approach to digital asset management shifting from simple holding to active yield generation through decentralized finance (DeFi) protocols and validators.
Market reaction remains subdued
Despite the scale of the Ethereum accumulation, SharpLink’s stock (NASDAQ: SBET) slipped 2.1% following the announcement, according to Yahoo Finance. The company’s share price remains down roughly 66% from its July highs a stark contrast to the appreciating value of its crypto assets.
Industry analysts suggest that investors may be hesitant to price in digital asset gains due to volatility and accounting constraints.
SharpLink’s announcement came just one day after competitor BitMine disclosed a milestone of 3.24 million ETH in reserves, underscoring the intensifying race among corporate players to consolidate Ethereum exposure ahead of anticipated institutional adoption.