SharpLink’s $601M Ethereum Purchase Pushes Treasury Toward 1% Supply Goal

SharpLink Gaming has made its boldest move yet in the Ethereum market, revealing a $601.5 million purchase of the cryptocurrency last week—its largest acquisition in over a month. Between August 10 and August 15, the company secured 143,593 ETH at an average price of $4,648, bringing its total holdings to 740,460 ETH, valued at just over $3 billion at press time.

The strategic buy is part of SharpLink’s ambitious plan to hold 1% of Ethereum’s circulating supply, which translates to more than 1.2 million ETH. The latest purchase nearly pushed Ethereum’s price to an all-time high last Thursday, when it climbed above $4,700, just shy of its 2021 record of $4,878. However, macroeconomic worries, geopolitical tensions, and inflationary concerns have since dragged ETH down over 10%, with the token trading at $4,124 on Tuesday.

SharpLink has fueled its accumulation strategy with fresh capital, raising $390 million through a direct offering that closed on August 11 and another $146.5 million from an ATM facility last week. The funds are earmarked specifically for expanding its ETH treasury, part of a broader wave of institutional players racing to secure large Ethereum reserves.

Among its competitors, Bitmine Immersion leads the pack with $6.6 billion in ETH holdings, while EtherMachine and Bit Digital manage reserves worth over $1 billion and $500 million, respectively.

Despite Ethereum’s price volatility, SharpLink’s aggressive approach has driven its stock up 128% since the start of the year, though shares dipped 8% in the past 24 hours to $18.47.