Ethereum News Today: SharpLink Boosts ETH Treasury to $3.64 Billion After 56,533 Coin Purchase

SharpLink Gaming has increased its Ethereum (ETH) treasury to $3.64 billion following the purchase of 56,533 ether over the past week, bringing its total ETH holdings to 797,704 coins as of August 28. The firm, co-founded by Ethereum co-founder Joe Lubin, acquired the ether at an average price of $4,462, with the total cost amounting to approximately $252 million [1]. This acquisition is part of a broader strategy by the publicly traded company to strengthen its balance sheet with digital assets.

In addition to the ETH purchases, SharpLink reported raising $360.9 million in net proceeds through its at-the-market equity facility during the week ending August 24. The firm also retains approximately $200 million in available cash for further ether acquisitions, signaling its continued confidence in the long-term value of Ethereum. SharpLink has authorized a stock repurchase program of up to $1.5 billion, with the company noting that share buybacks could be accretive when the stock price trades at or below the net asset value of its ETH holdings [1].

The company has also been actively staking its ETH holdings to generate additional value. Since launching its treasury program on June 2, SharpLink has accumulated 1,799 ETH in staking rewards, equivalent to over $8 million in value. The firm reported that its “ETH concentration on a cash-converted basis” has more than doubled since the program’s inception, now exceeding 4.0 [1].

This expansion places SharpLink among a growing number of public companies classified as digital asset treasuries (DATs), which are increasingly allocating capital to crypto assets. According to recent data, corporate ETH treasuries now total over $12 billion, representing nearly half of the $28 billion in assets held by the existing spot ETH ETF complex. BitMine Immersion, another ETH-focused DAT led by Fundstrat founder Tom Lee, currently holds 1.71 million ETH, or about $8.2 billion in value [1].

SharpLink’s strategy reflects a broader trend among institutional investors and corporate treasuries to integrate digital assets into their financial portfolios. By allocating capital to ETH and leveraging staking mechanisms, these entities aim to diversify risk, enhance returns, and align with the growing utility of blockchain technology in areas such as decentralized finance (DeFi) and tokenized governance. The firm’s aggressive accumulation of ETH suggests a long-term vision that may include future on-chain activities or treasury yield generation.

Despite the firm’s growing crypto assets, Yahoo Finance data shows that SBET shares have declined by approximately 65% since early June. Meanwhile, ETH has appreciated by over 80% in the last 60 days, according to The Block’s price page [1]. This divergence highlights the complex relationship between traditional stock valuations and the performance of underlying crypto assets in hybrid financial models.

SharpLink’s continued investment in ETH underscores its role as a key player in the evolving digital asset landscape, as more firms seek to harness the potential of blockchain-based treasury strategies.

---

[1] Source: The Block (https://www.theblock.co/post/368274/sharplink-eth-treasury-at-3-6-billion-after-adding-over-56000-ether?utm_source=rss&utm_medium=rss)