SharpLink Gaming expanded its Ethereum holdings last week, buying 39,008 ETH — roughly $176 million — and bringing its treasury to 837,230 ETH, valued at about $3.6 billion.
The Nasdaq-listed company said the purchases occurred between August 25 and August 31 at an average price near $4,531 per ETH. Co-CEO Joseph Chalom said the firm will remain “opportunistic” with capital-raising and market monitoring to maximize shareholder value.
SharpLink’s move follows a strategic pivot in May when the gambling-marketing firm announced a plan to convert into a crypto treasury. That shift included a $425 million PIPE investment led by Consensys, with participation from Galaxy Digital, ParaFi Capital, Ondo and Pantera Capital — a step similar in spirit to Strategy (formerly MicroStrategy), but focused on Ethereum rather than Bitcoin.
Market context: ETH has been volatile — trading around $4,300 recently, down roughly 1% over 24 hours and about 5% over the past week, though the token hit a new all-time high of $4,946 in August. SharpLink’s stock has surged more than 400% since mid-May but was down over 5% on Tuesday to $16.89.
Why this matters: corporate treasuries accumulating cryptocurrency concentrate price risk on company balance sheets while signaling continued institutional demand for ETH. Investors should note that token price swings directly affect treasury value and shareholder returns.
Source: Decrypt. Read the original coverage for full details.