SharpLink Gaming, Inc. (Nasdaq: SBET), a Minneapolis-based company and one of the largest corporate holders of Ether, disclosed on August 26 that it acquired more than 56,000 ETH in the week ending Aug. 24, 2025, while also raising $360.9 million through its at-the-market equity program.
The purchases brought SharpLink’s total Ether reserves to 797,704 ETH, valued at roughly $3.7 billion at prevailing market prices. The company reported an average acquisition price of $4,462 for the latest purchases.
Weekly Activity and Capital Raise
Between Aug. 18 and Aug. 22, SharpLink tapped its at-the-market (ATM) facility to raise just under $361 million in net proceeds, which were partly used to expand its cryptocurrency holdings. The company’s filings show that approximately $200 million remains in cash, earmarked for future Ether acquisitions.
SharpLink said its Ether staking rewards have accumulated to 1,799 ETH since it began executing its treasury strategy on June 2, 2025. The company has emphasised that proceeds from its ATM program provide flexibility for continued purchases while maintaining cash reserves.
SharpLink Gaming Board Actions and Treasury Strategy
Alongside the cryptocurrency purchases, SharpLink’s board approved a $1.5 billion stock buyback plan on Aug. 18. The decision aligns with the company’s strategy of balancing digital asset accumulation with shareholder-focused measures.
SharpLink reported that its concentration of Ether on a cash-converted basis now exceeds 4.00, more than doubling since the launch of its treasury program earlier this year.
Co-Chief Executive Officer Joseph Chalom said the company remains committed to its ETH-focused treasury approach, noting that liquidity conditions and market pricing continue to guide purchase decisions.
Industry Context
SharpLink has emerged as one of the most aggressive corporate buyers of Ether in 2025, following similar moves by other firms that have diversified their balance sheets into digital assets. The company’s activity comes as institutional interest in Ethereum has grown ahead of regulatory and market developments that could affect adoption.
While SharpLink has not detailed future purchase schedules, it confirmed that the current strategy is intended to scale both its digital asset reserves and potential returns from staking.
