Nasdaq-listed SharpLink Gaming is doubling down on its Ethereum-focused treasury strategy with another significant investment. The company has acquired an additional 12,207 ETH for approximately $30.67 million, at an average price of $2,513 per token.
This latest purchase comes just over a week after a much larger acquisition, in which SharpLink bought roughly 176,270.69 ETH for around $463 million. With the new addition, SharpLink’s total Ethereum holdings have reached 188,478 ETH, making it the largest publicly traded Ethereum holder and the second-largest ETH holder globally.
Chairman Joseph Lubin reiterated the company’s long-term commitment to Ethereum, highlighting that the growing ETH treasury is central to SharpLink’s strategy for building enduring shareholder value.
“Increasing SharpLink’s ETH holdings underscores our forward-thinking approach to creating long-term value for our stockholders,” he said. “This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders alike.”
SharpLink Gaming has also announced it raised an additional $27.7 million in net proceeds through a common stock sale. The company stated that the majority of these funds will be allocated to further expand its Ethereum treasury.
This move comes amid a broader trend of institutional accumulation. Asset management giant and ETF issuer BlackRock recently acquired approximately $50 million worth of ETH, while another major wallet added $39 million in Ethereum just days ago.
Despite this surge in institutional buying, Ethereum’s price performance remains subdued. At the time of writing, ETH is trading at $2,420—down around 34% from its yearly high.
