SharpLink ETH treasury at $3.6 billion after adding over 56,000 ether

SharpLink Gaming, Joe Lubin’s Ethereum treasury firm, said its ether holdings rose to 797,704 ETH after purchasing 56,533 ether for approximately $252 million at an average price of roughly $4,462 last week, bringing the company’s corporate stack to $3.64 billion as of Tuesday morning.

The Nasdaq-listed firm (ticker SBET) added that it raised $360.9 million in net proceeds via its at-the-market equity facility for the week ended Aug. 24 and still has about $200 million in cash user for purchasing more ether.

Recent purchases keep SharpLink near the top of a growing cast of public companies, or digital asset treasuries (DATs), building ether balance sheets.

The Block previously reported that BitMine Immersion, another ETH-focused digital asset treasury firm led by Fundstrat founder Tom Lee, lifted its holdings to 1.71 million ETH or about $8.2 billion. Aggregate corporate ether treasuries also surpassed $12 billion on Aug. 22, nearly half of the $28 billion in assets under management boasted by the older spot ETH ETF complex.

Publicly traded DATs keep allocating cash to purchase cryptos like ETH and manage dilution. Last week, SharpLink authorized a stock repurchase program of up to $1.5 billion, saying buybacks could be accretive when its shares trade at or below the net asset value of its ETH.

Some Ethereum treasury are also staking their holdings to generate additional value.

Minneapolis-based SharpLink said Tuesday that staking rewards have reached 1,799 ETH (worth over $8 million) cumulatively since launching its treasury program on June 2, and that its “ETH concentration on a cash-converted basis” has more than doubled since then to above 4.0.

Yahoo Finance data shows SBET shares have dropped about 65% since early June, while ETH is up over 80% in the last 60 days, according to The Block's price page.

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