SharpLink lifts Ethereum holdings to $3.6b after $177m buying spree

SharpLink added 39,008 ETH to its books, pushing its total holdings to 837,230 ETH. The Nasdaq-listed firm leans into a continuous cycle of raising capital and converting it into Ether, with a massive cash balance signaling more market moves are imminent.

In a press release dated Sept. 2, Minneapolis-based SharpLink Gaming, Inc. announced the acquisition of an additional 39,008 Ether (ETH) last week as part of a strategic deployment of $46.6 million in capital raised through its at-the-market facility.

The purchase brings the company’s total ETH holdings to 837,230 tokens, a stash now valued at approximately $3.6 billion, and leaves it with over $71 million in cash still poised for further conversion into the digital asset.

SharpLink’s Ethereum strategy comes into sharper focus

SharpLink’s pivot positions its stock, SBET, as a novel proxy for Ethereum itself. The company’s stated goal is to align itself with “the future of digital capital,” leveraging its public market status to offer traditional investors a compliant, equity-based avenue into the crypto ecosystem without investors having to manage the underlying technology.

A critical metric underscoring this shift is SharpLink’s proprietary “ETH Concentration” ratio, which the company said has surged to 3.94. This figure, up 97% since the strategy launched on June 2, is calculated by dividing the total ETH holdings by each block of 1,000 assumed diluted shares.

The metric quantifies how much ETH backs each share, providing investors with a transparent measure of their direct claim on the company’s primary asset. The rapid rise in this concentration indicates the strategy is working precisely as intended, diluting the value of each share not with cash but with a growing stake in the Ethereum network.

Further enhancing this value proposition is the passive yield generated through staking. Since initiating its strategy, SharpLink has earned 2,318 ETH in staking rewards, valued at over $10 million at current prices.

The big boys ETH club

SharpLink’s monumental accumulation places it firmly in the upper echelon of corporate crypto holders. According to EthereumTreasuries.net data, the company now ranks as the second-largest corporate holder of Ethereum globally, trailing only BitMine Immersion and its colossal 1.7 million ETH treasury.

This positions SharpLink ahead of other notable public entities that have embraced ether, such as The Ether Machine and ETHZilla, signaling a profound vote of confidence in the asset’s long-term viability from the public markets.