SharpLink holds an Ethereum position valued at $3.5 billion, an anchor for its balance sheet, reinforced by a 19,271 ETH purchase executed in October.
Summary
- SharpLink expanded its Ethereum holdings to 859,853 ETH valued at $3.5 billion after purchasing 19,271 ETH in October.
- The company’s ETH concentration doubled to 4.0, while staking operations generated 5,671 ETH in rewards since June.
- Despite the accumulation, SharpLink’s stock fell 2.1% following the announcement, extending a 66% decline from July highs.
According to a press release dated Oct. 21, SharpLink Gaming bolstered its already massive Ethereum treasury (ETH) with the acquisition of 19,271 ETH. The purchase, executed at an average price of $3,892, was funded by a $76.5 million capital raise the company completed just days prior.
“The capital raise completed last week was executed at a premium to NAV. Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital,” SharpLink co-CEO Joseph Chalom said.
The latest purchase increased SharpLink’s total Ether holdings to 859,853 tokens, solidifying its position as one of the largest corporate holders of the asset and pushing the total value of its ETH and cash reserves to approximately $3.5 billion.
ETH concentration doubles as SharpLink deepens its Ethereum bet
SharpLink’s treasury strategy includes its proprietary “ETH Concentration” metric, which has doubled since the program’s inception in June, reaching 4.0. This figure represents the amount of ETH, including liquid staking token holdings, per 1,000 diluted shares.
Beyond simple accumulation, SharpLink is actively putting its vast holdings to work. The company’s staking operations have generated 5,671 ETH in rewards since June, a haul worth approximately $22 million at current prices.
Despite these aggressive treasury maneuvers, the market’s reception has been tepid. According to Yahoo Finance data, SharpLink’s stock traded down 2.1% following the announcement. This continues a challenging trend for SBET, which remains down roughly 66% from its July highs, a stark disconnect from the growing value of the assets it holds.
SharpLink’s announcement arrived just one day after its closest competitor, BitMine, disclosed a staggering milestone of its own: a treasury holding of 3.24 million ETH.