Joseph Lubin’s SharpLink adds $177 million worth of Ethereum, raising treasury holdings to 837,000 ETH

SharpLink Gaming (SBET), a Minnesota-based Ethereum treasury firm, said it bought 39,008 ether over the past week at an average price of about $4,531, bringing its holdings to 837,230 ETH valued near $3.6 billion as of Tuesday.

The purchase was funded largely through $46.6 million in net proceeds from the company’s at-the-market equity program for the week ended Aug. 31, according to a post on X. Average acquisition price suggests the company spent approximately $177 million buying ETH last week.

SharpLink noted that cumulative staking rewards since launching its ether-denominated treasury strategy on June 2 have reached 2,318 ETH.  It also reported more than $71.6 million in cash yet to deploy and said its internal “ETH concentration” rose to 3.94, up roughly 97% since early June. This metric tracks the ratio of ETH exposure to cash on a cash-converted basis. At current levels, it implies roughly four dollars of ETH for every dollar of cash if all deployable cash were swapped into ETH.

The latest addition keeps SharpLink among the largest public corporate ether treasuries, and part of a broader balance-sheet trend this summer. The Block’s data dashboard shows ETH-focused digital asset treasuries swelling from roughly $4 billion in early August to more than $12 billion by month-end, paced by large purchases from SharpLink and BitMine Immersion. BitMine last week disclosed 1.71 million ETH and over $8.8 billion in combined crypto and cash.

On Sept. 2, SBET shares traded at $17.8 after closing 3.5% down on Friday, while ETH fell almost 2% to $4,300 amid a crypto market lull, according to The Block's price page.