SharpLink’s $252M ETH buy pushes Treasury towards 800,000 tokens

Gaming turned Ethereum treasury company SharpLink Gaming has added over $252 million worth of ETH over the past week, and simultaneously raised roughly $360.9 million through its at-the-market equity program.

SharpLink has quickly become one of the biggest names among publicly traded treasury companies, and currently sits as the third largest in the market.

According to the latest information disclosed via a Tuesday update, that stash is worth a whopping $3.7 billion.

On top of this, the company is holding an additional $200 million in cash that has been earmarked for more ether purchases, which would contribute towards the company’s goal of “building long-term value” for its stakeholders and also “support the broader Ethereum ecosystem,” according to Co-CEO Joseph Chalom.

SharpLink keeps buying ETH near all-time highs

Based on the company’s actions since its pivot as an ETH treasury firm back in May this year, it is evident that ShapLink is betting big on the second-largest cryptocurrency.

Ethereum had been steadily climbing since SharpLink first started acquiring the token, and hit an all-time high of $4,946 late last week.

However, the company hasn’t waited for dips and has consistently expanded its treasury via several periodic purchases.

Last week, the company picked up ETH at an average price of $4,462, adding 56,533 new tokens to its vault.

This approach has paid off handsomely so far. From staking alone, SharpLink has generated 1,799 ETH in rewards, a passive stream of yield that continues to grow with each fresh allocation.

Since unveiling its Ethereum strategy, the Minneapolis-based firm has gone from a niche player in the sports gaming space to a heavyweight in crypto corporate treasuries. 

In just over two months, its ETH stack has ballooned from 438,000 to nearly 800,000 tokens.

That’s not just aggressive, it’s one of the fastest accumulation sprees in public market history, rivaling even the early days of MicroStrategy’s Bitcoin pivot.

Ethereum Treasury market heats up

Zooming out, SharpLink’s rise marks a notable shift in the Ethereum treasury landscape. 

Once dominated by private funds and foundations, the market now sees a corporate arms race playing out in real time. 

BitMine Immersion Technologies still holds the top spot with 1.72 million ETH, but SharpLink is closing in quickly. If the pace continues, the gap could narrow further before the year’s end.

Then there’s Strategy, Michael Saylor’s Bitcoin-first juggernaut. While its treasury still revolves around BTC, the rise of ETH-focused treasuries like SharpLink and BitMine signals institutions are taking notice of the entire industry.

The momentum has also strengthened inflows into Spot Ethereum ETFs, which have seen billions in inflows over recent weeks. 

That backdrop lends credibility to corporate strategies like SharpLink’s, positioning ETH not only as a growth asset but as a yield-generating store of value, something even Bitcoin doesn’t currently offer.

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