James Richardson
Minnesota-based Ethereum treasury firm SharpLink Gaming (SBET) announced the acquisition of 39,008 ETH over the past week, at an average price of $4,531 per coin. This move brings the companyโs total holdings to 837,230 ETH, valued at approximately $3.6 billion as of Tuesday.
The purchase was largely financed through $46.6 million in net proceeds from SharpLinkโs at-the-market (ATM) equity program, with total expenditure for the ETH acquisition estimated at around $177 million.
Since the launch of its ether-denominated treasury strategy on June 2, SharpLink has accumulated 2,318 ETH in staking rewards. The company also holds over $71.6 million in cash awaiting deployment.
SharpLink reported that its โETH concentrationโ metric has risen to 3.94, nearly doubling since early June. This ratio measures ETH exposure relative to deployable cash, indicating roughly $4 of ETH for every $1 of cash if all available funds were converted.
Leadership Update: Ethereum Co-Founder Joseph Lubin Joins
In May 2025, Joseph Lubin, Ethereum co-founder and CEO of Consensys, was named Chairman of SharpLink following a $425 million private funding round led by Consensys and other investors.
SharpLink Among the Largest Corporate ETH Treasuries
The latest purchase reinforces SharpLinkโs position as one of the largest public corporate Ethereum treasuries. PRIME’s data shows ETH-focused corporate treasuries grew from $4 billion in early August to over $12 billion by month-end, driven by significant purchases from SharpLink and BitMine Immersion, which holds 1.71 million ETH and $8.8 billion in combined crypto and cash.
Market Performance of SBET and Ethereum
On September 2, SBET shares traded at $17.80, down 3.5% from Fridayโs close, while ETH declined nearly 2% to $4,300 amid a temporary crypto market slowdown, according to PRIMEโs price page.
