SharpLink Gaming boosted its Ether treasury again last week, acquiring $252 million in ETH and raising $360.9 million through its at-the-market (ATM) equity program.
The company now holds 797,704 Ether (ETH), worth about $3.7 billion, with $200 million in cash for further buys, the company revealed in a Tuesday update.
“Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision,” said Co-CEO Joseph Chalom, adding that the firm is committed to “building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem.”
According to the report, SharpLink acquired 56,533 ETH at an average price of $4,462 per token last week. The company also reported that total staking rewards since launching its ETH treasury strategy in June have climbed to 1,799 ETH.
Related: High-leverage trader James Wynn opens 25x Ether long as ETH hits new high
The Minneapolis-based firm has scaled its treasury since June, when it first disclosed ETH as its core reserve asset. Over the past four weeks, SharpLink has increased its holdings from 438,000 ETH to nearly 800,000 ETH, making it one of the largest corporate holders of Ethereum globally.
The company also introduced a new metric, “ETH Concentration,” which measures ETH holdings per 1,000 assumed diluted shares outstanding. That figure now stands above 4.0, more than doubling since June.
Alongside its ETH push, SharpLink’s board approved a $1.5 billion stock buyback plan last week. The program aims to enhance shareholder value while the company continues deploying capital into its crypto strategy.
SharpLink’s stock closed Monday at $0.96, down 6.8% on the day before ticking slightly higher in after-hours trading.
Related: After $400M splurge, ETH treasurer eyes stock buyback amid leverage concerns
Fundstrat’s Tom Lee predicted on Tuesday that Ether would find its bottom shortly, as his ETH treasury firm BitMine Immersion Technologies bought another $21 million worth of the token.
Posting on X, Lee cited a note from Fundstrat’s technical strategist Mark Newton, who said ETH was showing “very good risk/reward” near $4,300 and could soon rebound toward $5,400.
The prediction came after BitMine added 4,871 ETH worth $21.3 million. The purchase brought its total holdings to 1.72 million ETH, valued at about $7.5 billion.
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