SharpLink Buys $252M in Ethereum, Expands Treasury to Nearly 800,000 ETH

SharpLink Gaming has continued its aggressive Ethereum accumulation strategy, disclosing another major purchase of $252 million in ETH last week. The move brings its total Ethereum treasury to nearly 800,000 ETH, valued at around $3.7 billion, while leaving the company with $200 million in cash reserves for additional buys.

Building a massive ETH treasury

According to SharpLink’s Tuesday update, the company acquired 56,533 ETH at an average price of $4,462, funded through $360.9 million raised via its at-the-market equity program. Since launching its ETH-focused treasury strategy in June, SharpLink has more than doubled its holdings, climbing from 438,000 ETH to 797,704 ETH in just four weeks.

The firm also introduced a new measure called “ETH Concentration,” tracking how much ETH is held per 1,000 diluted shares outstanding. That figure now stands above 4.0, reflecting both the rapid growth in holdings and the board’s emphasis on linking crypto reserves directly to shareholder value.

SharpLink said it has already generated 1,799 ETH in staking rewards since adopting Ether as its core reserve asset earlier this summer.

$1.5 billion buyback plan

Alongside the treasury expansion, SharpLink’s board approved a $1.5 billion stock buyback plan designed to enhance shareholder value while capital continues flowing into Ethereum. The Minneapolis-based firm’s shares closed Monday at $0.96, down 6.8% on the day but rebounded slightly in after-hours trading.

Co-CEO Joseph Chalom emphasized that the company’s disciplined ETH buying strategy aims to deliver long-term value to investors while supporting Ethereum’s broader ecosystem.

Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision.

BitMine adds $21M

SharpLink’s latest purchase comes as other corporate treasuries are also ramping up Ethereum accumulation. BitMine Immersion Technologies, co-founded by Fundstrat’s Tom Lee, disclosed a $21.3 million ETH purchase this week, adding 4,871 ETH to its reserves. The firm now holds 1.72 million ETH, valued at about $7.5 billion.

Lee said he believes Ethereum is nearing a bottom, citing Fundstrat’s technical analysis that predicts a rebound toward $5,400 in the near term.

With SharpLink’s near-800,000 ETH position and BitMine’s multi-billion dollar stash, Ethereum is increasingly cementing its place as a corporate treasury reserve asset alongside Bitcoin, signaling growing institutional confidence in its long-term value.