Ethereum News Today: SharpLink Gaming's Ethereum Purchases Drive 21% Holdings Jump, Stock Surges 110.73% as Treasury Hits $1.33B

SharpLink Gaming, Inc. (Nasdaq: SBET) has executed a significant Ethereum accumulation strategy, acquiring 77,209.58 ETH over the week of July 21–27, 2025, for approximately $290 million at an average price of $3,756 per token [1]. This purchase brought the company’s total Ethereum holdings to 438,190 ETH, a 21% increase from the previous week’s 360,807 ETH and a 70% rise since the strategy began on June 2 [1]. The company also reported 0.2K ETH in staking rewards for the week, adding to a cumulative total of 722 ETH since the initiative launched. SharpLink’s ETH concentration—measuring its Ethereum holdings relative to its capital structure—increased to 3.40 ETH per share, up from 3.06 the prior week [1].

The purchases were funded through an at-the-market (ATM) share issuance facility, which generated $279.2 million in net proceeds during the same period. Over 10.8 million shares were issued in the week of July 21–25, following a prior issuance of 3.8 million shares the preceding week [1]. Since the start of July, SharpLink has raised over $850 million via ATM issuance, enabling continued Ethereum purchases without relying on external financing or leverage. The company now controls the largest public Ethereum treasury, valued at approximately $1.33 billion, with over 95% of its holdings staked or deployed through liquid staking platforms [1].

SharpLink’s strategic pivot gained momentum with the appointment of Joseph Chalom as Co-CEO on July 24. A former digital asset strategist at BlackRock, Chalom emphasized the company’s alignment with the Ethereum ecosystem and its role in shaping decentralized finance infrastructure. “I see a powerful opportunity to help shape the future of financial infrastructure and decentralized finance,” he stated, highlighting the firm’s commitment to innovation in global finance [1].

The company’s stock price has surged in tandem with its Ethereum strategy. Shares of SBET rose 110.73% month-to-date, peaking above $35 mid-July before retreating to $20.92 by July 27 [1]. The sharp increase, from a starting price of $10 in early July, reflects heightened investor interest, potentially driven by speculative momentum or anticipation of strategic developments. SharpLink’s capital-raising efficiency and Ethereum-centric strategy position it as a unique case study in corporate adoption of digital assets, with its treasury now functioning as both a financial reserve and a revenue-generating asset through staking yields.

The aggressive accumulation underscores a broader trend of institutional participation in Ethereum’s ecosystem. By locking over 95% of its holdings into staking mechanisms, SharpLink transforms its Ethereum treasury into a passive income stream, distinct from traditional corporate treasuries. The company’s ability to fund these purchases through equity issuance without incurring debt suggests a confidence in its market position and growth trajectory. However, the sustainability of its stock price gains remains contingent on macroeconomic conditions and the performance of Ethereum itself, which is subject to volatile price swings.

Source: [1] SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree (https://cryptonews.com/news/covering-sharplink-secures-438k-eth-spending-290m-in-weeklong-buying-spree/)