SharpLink Gaming, Inc. Bets Big on Ethereum With 143K ETH Buy and $537M War Chest

SharpLink Gaming, Inc. (Nasdaq: SBET), one of the world’s largest corporate holders of Ether (ETH), has reported the expansion of its Ethereum reserves for the week ending August 17.

The company disclosed the purchase of 143,593 ETH at an average price of $4,648, lifting its total ETH balance to 740,760. Since launching its treasury strategy on June 2, SharpLink has rapidly built one of the largest corporate Ethereum treasuries worldwide.

The company has earned 1,388 ETH in staking rewards since the strategy began, showing its commitment to maximizing yield from its holdings.

“SharpLink is aligning itself with Ethereum’s future as a global financial infrastructure, while giving investors direct exposure to its growth,” the company said.

Capital Raise Fuels Aggressive Expansion

SharpLink’s weekly activity was backed by robust fundraising. The company secured $146.5 million through its at-the-market (ATM) facility and closed a $390 million registered direct offering on August 11.

In total, nearly $537 million in net proceeds were raised over the week of August 10–15, reinforcing its liquidity position.

The company notes that over $84 million in cash remains on hand, yet to be deployed for additional ETH acquisitions. This liquidity buffer ensures flexibility for further purchases should market conditions create attractive entry points.

ETH Concentration Metric Shows Treasury Growth

To increase transparency, SharpLink introduced a new performance measure known as ETH Concentration, which tracks the number of ETH held per 1,000 assumed diluted shares outstanding.

For the week ending August 17, this figure rose to 3.87, up nearly 94% since the start of its treasury program in June.

The company explained that ETH Concentration provides investors with a clearer view of yield performance and shareholder exposure to Ethereum.

Unlike traditional treasury stock calculations, this metric excludes factors such as equity award vesting and debt convertibility, offering a more direct link between ETH holdings and investor value.

Strategic Bet on Ethereum’s Future

By making ETH its primary treasury reserve asset, SharpLink joins a growing movement of companies looking beyond Bitcoin and positioning for Ethereum’s role in decentralized finance, smart contracts, and next-generation financial infrastructure.

“SharpLink is charting a new course—building scalable, secure, and transparent solutions that challenge outdated models,” the company states. With deep ties in sports media, gaming, and technology, SharpLink continues to leverage its Ethereum strategy as both a financial and technological shift.

As ETH integration deepens across industries, SharpLink’s aggressive accumulation indicates a bold conviction: Ethereum will not just power decentralized finance but reshape the backbone of digital capital markets.