SharpLink Gaming (SBET) has revealed another major expansion of its Ethereum treasury, disclosing that it purchased more than $176 million worth of ETH in the final week of August. The move raised the company’s total holdings to 837,230 ETH, valued at nearly $3.6 billion as of August 31.
SharpLink’s $176M Ether Accumulation
According to its disclosure, SharpLink bought 39,008 ETH between August 25 and August 31 at an average price of $4,531. The purchases were partly funded by $46.6 million raised through its at-the-market (ATM) equity program.
The firm’s ETH concentration ratio—a measure of digital assets relative to cash—jumped to 3.94, nearly doubling since early June. At this level, SharpLink holds almost four dollars of ETH for every dollar of cash on hand, assuming full deployment of its remaining $71.6 million liquidity.
Since launching its Ethereum-denominated treasury strategy on June 2, the company has already earned 2,318 ETH in staking rewards.
SharpLink Co-CEO Joseph Chalom said,
“We continue to execute our treasury strategy with precision, growing our ETH holdings and consistently earning staking rewards. We remain opportunistic in our capital raising initiatives and will closely monitor market conditions to maximize shareholder value.”
Pivot to Ethereum Treasury Vehicle
SharpLink’s aggressive ETH strategy follows a $425 million private investment round in May, led by Consensys, Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital. That same month, Consensys founder Joseph Lubin was appointed Chairman, confirming the company’s pivot away from its earlier gambling marketing focus.
Stock Performance Lags Behind Treasury Growth
Despite its bold treasury expansion, SharpLink’s stock (SBET) has remained volatile. On Tuesday, shares fell nearly 5% to $16.98, although they are still up more than 400% since mid-May, when they traded below $3.
SharpLink’s ETH-focused strategy has drawn comparisons to BitMine Immersion Technologies (BMNR), which currently holds about 1.87 million ETH, the world’s largest corporate Ether treasury. BMNR traded at $42.49, down 2.59% on the day.
Meanwhile, Ethereum (ETH) itself traded at $4,343, up 0.3% over 24 hours but still down more than 11% from its August 24 peak of $4,900.
The post appeared first on CryptosNewss.com