SharpLink Gaming, Inc. ETH Holdings Top $3.6B – Will Others Follow?

SharpLink Gaming, Inc. (Nasdaq: SBET), one of the world’s largest corporate holders of Ether (ETH), reported another week of steady growth in its Ethereum treasury.

For the period spanning August 25 through August 31, 2025, the company acquired 39,008 ETH at an average purchase price of $4,531. The move boosted its total holdings to 837,230 ETH, valued at more than $3.6 billion.

Joseph Chalom, co-chief executive officer of SharpLink, stressed the disciplined approach in a statement: “SharpLink continues to execute our treasury strategy with precision, successfully growing our ETH holdings and consistently earning staking rewards. We remain opportunistic in our capital raising initiatives and will continue to closely monitor market conditions to maximize shareholder value.”

Capital Raised Through ATM Facility

The latest acquisitions were funded through SharpLink’s At-the-Market (ATM) equity program, which generated $46.6 million in net proceeds during the week of August 25–29. In total, the company has leaned heavily on its ATM facility since launching its ETH-focused treasury strategy in June 2025, raising hundreds of millions of dollars over the past three months.

During the latest reporting period, SharpLink issued 2.4 million shares under the ATM, compared with 18.6 million shares in the prior week. The company continues to balance equity issuance with digital asset purchases, carefully adjusting based on market demand and ETH price conditions.

Staking Rewards and ETH Concentration Growth

In addition to direct purchases, SharpLink’s treasury strategy is benefiting from Ethereum’s staking ecosystem. As of August 31, the company has earned 2,318 ETH in staking rewards since June. The firm also introduced an internal metric known as ETH Concentration, which measures the number of ETH held per 1,000 diluted shares outstanding.

For the week ending August 31, ETH Concentration rose to 3.94, representing a 97% increase since the start of the program. The metric provides investors with additional transparency into yield performance and balance sheet exposure, further differentiating SharpLink from traditional corporate treasuries.

Strong Balance Sheet

SharpLink’s balance sheet remains healthy, with approximately $71.6 million in cash and equivalents. This financial flexibility positions the company to continue its aggressive ETH acquisition strategy while supporting ongoing business operations.

By steadily building one of the largest corporate Ethereum reserves in the world, SharpLink has established itself as an early advocate for institutional ETH adoption. Its blend of ATM-driven capital raising, direct acquisitions, and staking rewards shows how digital assets are becoming embedded in corporate financial strategy.

Investors will be closely watching whether SharpLink’s model inspires other companies to follow suit as Ethereum cements its role in the global digital economy.