SharpLink Ether Holdings Top $3.1B, Trailing BitMine in Pace of ETH Acquisition

SharpLink Gaming (SBET), the Nasdaq-listed ether (ETH) treasury firm led by Ethereum co-founder Joe Lubin, said it bought 143,593 ETH through last week, bringing total holdings above $3 billion.

To finance the purchases, SharpLink raised $537 million in net proceeds during the week ended Aug. 15. The company secured $390 million through a registered direct offering that closed Aug. 11, and an additional $146.5 million via its at-the-market issuance program.

The firm reported an average ETH purchase price of $4,648 for last week’s acquisitions. That’s roughly 8% higher than the asset’s current price after the crypto market slid over the past few days, with ETH dropping below $4,300.

As of Sunday, SharpLink held 740,760 ETH, worth $3.18 billion at current prices.

The Minneapolis-based firm has pursued an aggressive digital asset treasury strategy since its late May pivot, raising funds to accumulate ETH and staking the tokens in exchange for rewards. Even so, its acquisition pace trails competitor BitMine Immersion Technologies (BMNR), which has more than 1.5 million tokens, roughly twice as many as SharpLink.

The company said it still had more than $84 million in cash to deploy for future ETH purchases.