SharpLink buys 39,008 ETH for $177M at an average price of $4,531

Trading bitcoins for ether, is it madness? Some see it as heresy, others as insight. Joseph Lubin and his team have no doubt: it is better to stay the course on the programmable altcoin than on its big crypto brother. SharpLink’s latest operation sends a strong signal: a massive Ethereum purchase that reshapes its treasury and ambition.

Ethereum, SharpLink’s embraced safe

SharpLink Gaming announced the acquisition of 39,008 ETH at an average price of $4,531, an investment of 177 million dollars in one week. Its portfolio thus climbs to 837,230 ETH, valued at nearly 3.6 billion dollars. 

The operation was financed by 46.6 million dollars raised through a stock program in August.

In an official tweet, the company stated: ” SharpLink acquired 39,008 ETH at an average price of about $4,531, raising its total holdings to 837,230 ETH, valued at about 3.6 billion dollars“.

With a ratio of 3.94 between ETH and cash, SharpLink holds almost four dollars of ether for every remaining liquid dollar. This aggressive strategy contrasts with other company treasuries that prefer to diversify. 

Yet, the firm insists: its goal is to become the institutional gateway to Ethereum.

Risks of a taken “all-in crypto”

The appointment of Joseph Lubin, Ethereum co-founder, as chairman in May 2025 strengthened SharpLink’s credibility. But this closeness also fuels criticism. Should it be seen as a visionary bet or an excessive dependency?

In an interview, co-CEO Joseph Chalom, ex-BlackRock, defended this strategic choice: 

Ethereum is more than just a digital asset; it is an infrastructure. 

While bitcoin transfers value from one point to another, Ethereum enables the creation of decentralized applications.

This argument supports SharpLink’s logic: betting on a programmable asset, generating yield through staking, rather than a simple “store of value” like BTC. But for some analysts, this vision carries a major risk: extreme concentration.

SBET stock dropped 3.5% after the announcement, while Ethereum fell 2%. In short, markets remain skeptical about a strategy deemed too risky.

Key points to remember

• 39,008 ETH bought for $177M in August 2025;
• 837,230 ETH now held by SharpLink;
• $71.6M in cash still available for future purchases;
• 2,318 ETH earned from staking since June 2025;
• ETH/cash ratio: 3.94, representing maximum exposure.

Throughout August, Ethereum captured most of the institutional flows, at the expense of bitcoin, which recently climbed back above $109,000. The deep reasons behind this preference, between staking yield and programmability promise, are known only to strategists like Joseph Lubin. But one thing is certain: for SharpLink, the future of crypto finance is now aligned with the rhythm of Ethereum.