Chiara Bianchi
SharpLink Gaming (NASDAQ: SBET) revealed that its Ethereum treasury surged to 797,704 ETH after acquiring 56,533 ETH worth approximately $252 million last week. The company said the purchase was made at an average price of around $4,462, pushing its corporate Ethereum stack to an estimated $3.64 billion as of Tuesday morning.
In the same filing, SharpLink confirmed it had raised $360.9 million in net proceeds through its at-the-market equity facility by the end of Aug. 24, leaving the firm with about $200 million in cash reserves earmarked for future ETH purchases.
The move keeps SharpLink among the largest public companies building digital asset treasuries (DATs) with a heavy focus on Ethereum. Recently, BitMine Immersion, an ETH-centric treasury led by Fundstrat founder Tom Lee, increased its balance sheet to 1.71 million ETH valued at $8.2 billion.
According to PRIME, the combined total of corporate Ethereum treasuries crossed $12 billion on Aug. 22, representing nearly half the $28 billion currently managed by spot ETH ETFs.
Buybacks and Treasury Strategies
To offset dilution while continuing to grow its ETH reserves, SharpLink authorized a $1.5 billion stock buyback program last week. The company noted that repurchasing shares at or below the net asset value of its Ethereum holdings could prove accretive for investors.
Additionally, several Ethereum treasuries have begun staking ETH to capture extra yield.
SharpLink’s ETH Staking Rewards Surpass $8M
Since launching its treasury program on June 2, SharpLink disclosed that its staking rewards have reached 1,799 ETH—valued at over $8 million. The firm added that its “ETH concentration on a cash-converted basis” has more than doubled in that period, now standing above 4.0.
Market Performance: ETH vs. SBET Shares
While Ethereum has delivered a strong rally, climbing more than 80% in the past 60 days, SharpLink’s own shares have struggled. Yahoo Finance data shows SBET has fallen nearly 65% since early June, highlighting a stark contrast between ETH’s price surge and the company’s stock performance.
