The move places SharpLink among the leading public companies building sizable Ethereum treasuries. This is a trend that is quietly reshaping how corporations hold and manage their financial reserves.
SharpLink Raises Funds to Fuel ETH Purchases
Last week, SharpLink bought 56,533 ETH for about $252 million, paying an average of $4,462 per token.
To fund these purchases, the company raised $360.9 million in fresh proceeds through its at-the-market equity program. The firm still holds around $200 million in cash, which executives say could be used for more Ethereum purchases in the near future.
These moves keep the U.S.-listed company at the top of the growing group of digital asset treasuries (DATs). These are public companies that buy and hold crypto as a core corporate strategy.
Corporate Ethereum Treasuries Surge Past $12B, Rivaling Spot ETFs
SharpLink is not alone in this race. BitMine Immersion, led by Fundstrat founder Tom Lee, recently increased its holdings to 1.71 million ETH, valued at about $8.2 billion. Together, corporate Ethereum treasuries have crossed $12 billion in value as of August 22.
That figure is significant because it is already close to half the $28 billion managed by spot Ethereum ETFs, which are far older and more established. This signals that corporate treasuries are becoming a meaningful force in Ethereum’s market structure, not just passive holders.
By building a crypto treasury, these companies are seeking not only exposure to the asset but also ways to manage dilution from equity issuance. SharpLink itself authorized a $1.5 billion stock repurchase program.
The firm noted that buybacks could be beneficial when its shares trade at or below the net asset value of its ETH holdings.
SharpLink Boosts ETH Treasury With Staking Gains
Beyond buying Ethereum, SharpLink is also putting its assets to work. Since starting its treasury program in June, the company has earned 1,799 ETH in staking rewards, worth over $8 million at current prices.
This approach allows SharpLink to add yield to its core holdings, turning Ethereum from a static investment into an income-generating asset. The company noted that its reliance on ETH has more than doubled on a “cash-converted basis” in less than three months.
Despite its strong ETH position, SharpLink’s stock has struggled. According to Yahoo Finance, shares of SBET have fallen about 65% since early June. In contrast, Ethereum’s price has surged more than 80% in the past 60 days. It is currently trading at $4,454.79, down by 9.99% in the last 24 hours, according to CoinMarketCap data.
The post SharpLink Gaming Expands Ethereum Treasury to $3.64B appeared first on BitcoinLinux.com.
Go to Source
Author: coinmaker