- SharpLink Gaming bought 77,209 ETH for $290 million and now holds 438,190 ETH total.
- The company raised $279.2 million through its ATM facility to fund the purchases.
- SBET stock gained 186.3% year-to-date but shows volatility despite the Ethereum buying spree.
SharpLink Gaming continues its aggressive Ethereum accumulation strategy, reaching 438,190 ETH in total holdings as of July 27, 2025. The company acquired 77,209 ETH during the week ending July 27, funded by $279.2 million raised through its ATM facility between July 21-25.
The Minneapolis-based company purchased the latest batch at an average price of $3,756 per ETH, representing a 21% increase from the previous week’s holdings of 360,807 ETH. The previous week saw SharpLink acquire 79,949 ETH at an average price of $3,238, marking the highest weekly purchase amount in the company’s reporting history.
Staking Rewards Generate Additional Revenue
SharpLink Gaming’s staking operations have generated 722 ETH in rewards since launching its treasury strategy in June 2025. The company’s ETH Concentration metric climbed to 3.40, up from 3.06 the previous week, indicating increased focus on Ethereum as a treasury asset.
The gaming company transformed into what analysts call “the Strategy of Ethereum” through its systematic accumulation approach. SharpLink’s total ETH holdings are now valued above $1.3 billion, establishing the firm as a major corporate Ethereum holder.
Despite significant Ethereum purchases, SBET stock performance has shown mixed results. Recent reports indicate SBET has surged 186.3% year-to-date, with some sources noting a 113.9% surge following the latest ETH acquisition. However, the stock has experienced volatility amid the company’s treasury expansion.
Ethereum price has maintained strength above $3,800, gaining approximately 1% in recent trading sessions. The disconnect between ETH performance and SBET stock highlights the complex relationship between corporate treasury strategies and equity valuations.
Corporate Ethereum Competition Intensifies
Since commencing ETH purchases in mid-June 2025, SharpLink’s ETH Concentration has risen from 2.00 to current levels, marking a 23% increase in just over one month. The company maintains approximately $257 million in remaining deployment capacity.
Other Ethereum treasury companies, including Bitmine Immersion, BTCS Inc., and BTC Digital, are also expanding their holdings, creating competition for the largest corporate Ethereum position. The trend reflects growing institutional adoption of Ethereum as a treasury reserve asset.
SharpLink Gaming’s strategy mirrors Strategy’s Bitcoin approach, using debt and equity financing to fund cryptocurrency acquisitions. The gaming company’s pivot from traditional operations to crypto treasury management represents a significant transformation of the business model.
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