SharpLink Gaming has strengthened its Ethereum (ETH) reserves, adding $252 million worth of ETH last week and raising $360.9 million through its at-the-market (ATM) equity programme.
The company now holds 797,704 ETH, valued at about $3.7 billion, along with $200 million in cash available for more purchases, according to a company update released on Tuesday.
Growing Commitment to Ethereum
Co-CEO Joseph Chalom said the company’s strategy reflects its long-term vision. “Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision,” he stated, adding that the firm aims to build long-term value for shareholders while also supporting the wider Ethereum ecosystem.
In the past week alone, SharpLink bought 56,533 ETH at an average price of $4,462 per token. Since starting its ETH treasury strategy in June, the company has earned 1,799 ETH in staking rewards.
Related: SharpLink Buys $667M in Ether
One of the Largest Corporate Holders of ETH
Based in Minneapolis, SharpLink has been steadily scaling its treasury since June, when it announced ETH as its core reserve asset. In just four weeks, the company has increased its holdings from 438,000 ETH to nearly 800,000 ETH, placing it among the largest corporate holders of Ethereum worldwide.
SharpLink also introduced a new performance measure, “ETH Concentration,” which calculates ETH holdings per 1,000 assumed diluted shares outstanding. This figure now sits above 4.0, more than double the level reported in June.
Alongside its Ethereum strategy, SharpLink’s board recently approved a $1.5 billion stock buyback plan. The move is intended to boost shareholder value while the company continues deploying capital into its crypto-focused plans.
