SharpLink Gaming, Inc. purchased 7,689 Ethereum (ETH) between June 28 and July 4 at a weighted average price of $2,501, the company reported. The acquisition brings its total ETH holdings to 205,634, reinforcing its position as the largest publicly traded company with Ethereum as its primary treasury reserve asset.
The move is part of an ongoing digital asset strategy that began in mid-June. As of July 4, SharpLink has allocated all ETH holdings to staking and restaking protocols in pursuit of passive yield.
$64M Raised Through Equity Sales, With Future ETH Buys Pending
To support the expansion of its crypto reserves, SharpLink raised $64 million in net proceeds through its At-The-Market (ATM) facility during the same week. The funds were raised through the sale of 5.5 million shares of common stock. Approximately $37.2 million of those funds were secured on July 3 but had not yet been used for ETH purchases by the market close on July 4.
The company signalled that a large portion of the remaining capital is expected to be deployed toward Ethereum acquisitions in the following week, continuing its shift toward digital assets over traditional cash reserves.
Staking Rewards and New Transparency Metric Introduced
Between June 28 and July 4, SharpLink earned roughly 100 ETH through staking activities. Since launching the program on June 2, the company has accumulated a total of 322 ETH in rewards. According to the company, all tokens remain committed to staking protocols.
To increase transparency for shareholders, SharpLink introduced a new reporting metric called “ETH Concentration.” The measure calculates the amount of ETH held per 1,000 assumed diluted shares outstanding, accounting for all equity units issued or issuable, excluding treasury stock method adjustments.
The company’s ETH Concentration rose from 2.00 ETH on June 13 to 2.37 ETH as of July 4 — a 19 per cent increase in three weeks, not factoring in unallocated equity from the most recent $37.2 million raise.
Executive Remarks
SharpLink Chairman Joseph Lubin, who also co-founded Ethereum and serves as CEO of Consensys, said the company’s treasury approach reflects a focus on transparency and discipline. He emphasized the potential for ETH-based reserves to set an example in the public market space.
