SharpLink Gaming, Inc. (SBET) stock: Tumbles 8% as ETH Strategy Intensifies with $536M Raised

TLDR

• SBET Tanks 7.85% as Crypto Bet Grows Bolder with $536M ETH Push
• SharpLink Doubles Down on ETH, But Shares Slip Amid Investor Caution
• $390M Raised, 143K ETH Bought—SBET’s High-Stakes Crypto Play Wobbles
• ETH Exposure Soars, Share Price Sinks: SBET’s Bold Strategy Shakes Market
• SBET’s Crypto Gamble Deepens with 740K ETH, But Stock Slides Nearly 8%

SharpLink Gaming, Inc. (SBET) shares dropped 8% to $18.51 during the morning session on Monday.

SharpLink Gaming, Inc. (SBET) 

The decline followed a sharp surge in Ethereum acquisitions and intensified capital deployment. The stock showed heavy trading volume amid growing market focus on its crypto strategy.

The company continued expanding its Ethereum holdings aggressively through significant capital raises. It completed a $390 million registered direct offering and secured $146.5 million via its At-the-Market facility. This aggressive approach has drawn attention to its treasury management and market exposure to ETH volatility.

SharpLink’s ETH holdings grew by 143,593 coins last week alone, increasing its total to 740,760 ETH. At an average purchase price of $4,648 per ETH, the firm’s weekly spend reflected a strong conviction in its strategy. With ETH prices fluctuating, this move increases exposure while magnifying risks in the short term.

Capital Deployment Accelerates Despite Market Pullback

The company raised a total of $536.5 million during the week ending August 17, 2025. The direct offering closed on August 11, and the ATM facility delivered proceeds throughout the week. SharpLink now holds over $84 million in cash yet to be deployed into ETH.

SharpLink continued issuing equity to fund its crypto treasury strategy. The ATM share issuance slowed to 6.6 million shares last week, down from 13.5 million a week earlier. Capital inflows remained strong, supporting ongoing accumulation.

The ETH concentration metric jumped to 3.87, up 94% since the June launch of the strategy. This measure represents ETH units per 1,000 assumed diluted shares outstanding. It reflects the increasing weight of Ethereum on a per-share basis and its impact on shareholder value.

ETH Holdings Surge Alongside New Reporting Metric

ETH staking rewards reached 1,388 coins, with 0.3 ETH added last week. SharpLink’s ETH purchases have steadily increased since the start of its strategy on June 2, 2025. Weekly acquisitions rose from 77.2K ETH on July 27 to 143.6K ETH by August 17.

The company introduced a proprietary ETH concentration metric to provide insight into treasury exposure. This metric includes actual and assumed shares but excludes share buybacks or equity condition filters. It is designed to show the magnitude of ETH exposure relative to potential shareholder dilution.

As Ethereum adoption grows across the corporate sector, SharpLink is positioning itself at the forefront of on-chain asset integration. However, the steep share price drop suggests the market remains cautious about the pace and scale of its ETH commitment. Price action will likely depend on both ETH performance and broader investor sentiment in the coming weeks.

 

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