SharpLink Gaming (SBET), backed by Joseph Lubin, reported a 29% increase in its Ether holdings over the past week as more businesses tap into the capital markets to finance digital asset acquisition deals – in a 'Ethereum treasury race.'
Specifically, SharpLink – a publicly traded company on Nasdaq – acquired 79,949 ETH at an average price of $3,238 from July 14 to 20, raising its total ETH holdings to 360,807 ETH, according to a press release on Tuesday. At the same time, the Minnesota-based company issued 3.8 million shares through an at-the-market stock offering to raise $96.6 million, ready to fund subsequent purchases.
SharpLink's exclusive 'ETH Concentration' index – used to track shareholder exposure to ETH – has risen to 3.06, a 53% increase since mid-June. Total staking rewards have also reached 567 ETH since the company announced its Ethereum treasury strategy on June 2. SBET shares rose 7% just before the U.S. market opened, after a 12% drop in the previous session, according to data from Yahoo Finance.
This information comes just a week after SharpLink scaled up its common stock offering plan from $1 billion to $6 billion to fund its ETH accumulation strategy. Currently, SharpLink is the publicly listed entity holding the largest amount of ETH, but this leading position is facing fierce challenges. On Monday, The Ether Machine announced plans to list on Nasdaq with up to 400,000 ETH, backed by a funding commitment of up to $1.6 billion. Meanwhile, BitMine Immersion has also surpassed the $1 billion ETH mark and intends to continue purchasing more to expand its digital treasury.
Joseph Lubin, the chairman of SharpLink, leveraged this update to welcome President Donald Trump's signing of the stablecoin legislation, asserting that clearer regulations in the U.S. will significantly boost institutional participation and validate the company's Ethereum treasury strategy.
'With the Genius Act now law, the long-standing legal ambiguity around cryptocurrency innovation is finally being resolved,' Lubin emphasized. He added that a more open legal environment will pave the way for 'transformational changes across the entire global digital economy.'