SharpLink Gaming (SBET) has significantly increased its Ethereum (ETH) holdings, acquiring over $176 million worth of ETH in the last week of August. This purchase brings the company’s total ETH treasury to 837,230 ETH, valued at approximately $3.6 billion. The company funded this acquisition in part by raising $46.6 million through its equity program.
This aggressive move is part of SharpLink’s strategic shift to become an Ethereum-based treasury vehicle, a pivot that began in May after a large private investment round. Co-CEO Joseph Chalom stated that the company is “executing [its] treasury strategy with precision” and earning consistent staking rewards. The company’s digital asset-to-cash ratio has nearly doubled since June, now holding close to four dollars of ETH for every dollar of cash.
While its ETH strategy has grown, SharpLink’s stock performance has been mixed. Despite a more than 400% increase since mid-May, the stock has experienced recent volatility, trading lower as September began. Another company, BitMine Immersion Technologies (BMNR), is also pursuing an Ethereum-based treasury strategy and holds an even larger amount of ETH at 1.87 million.
September 2025, Cryptoniteuae
