SharpLink Expands Ethereum Treasury With $176M August Buy, Now Holds $3.6B in ETH

SharpLink Gaming (NASDAQ: SBET) is doubling down on Ethereum, disclosing that it added 39,008 ETH during the final week of August at an average cost of $4,531. The $176 million acquisition brought the company’s total Ethereum stash to 837,230 ETH, worth roughly $3.6 billion as of August 31.

The aggressive accumulation was partly financed through $46.6 million raised via SharpLink’s at-the-market equity program, a move that pushed its ETH-to-cash ratio to 3.94—meaning it now holds nearly four dollars’ worth of Ether for every dollar of cash on hand.

Since launching its Ethereum treasury strategy on June 2, SharpLink has accumulated 2,318 ETH in staking rewards. Co-CEO Joseph Chalom emphasized the firm’s focus, stating: “We continue to execute our treasury strategy with precision, growing our ETH holdings and consistently earning staking rewards. We remain opportunistic in our capital raising initiatives and will closely monitor market conditions to maximize shareholder value.”

This pivot away from its legacy gambling marketing technology business has been reinforced by heavyweight backers. In May, SharpLink raised $425 million in a private round led by Consensys, Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital. That same month, Consensys founder Joseph Lubin stepped in as Chairman, marking a clear commitment to the Ethereum-first direction.

Despite the billions in digital assets under management, SharpLink’s stock has shown volatility. Shares fell 5% on Tuesday to $16.98 but remain up more than 400% from mid-May levels below $3. For context, BitMine Immersion Technologies (BMNR), which holds the world’s largest corporate Ether treasury at 1.87 million ETH, also saw its stock dip 2.59% to $42.49 on the same day.

Meanwhile, Ethereum itself traded at $4,343, down 11.4% from its late-August peak of $4,900 but still slightly higher on a 24-hour basis.