SharpLink Gaming, Inc. (Nasdaq: SBET) disclosed its latest Ethereum (ETH) acquisitions and financing activities for the week ending Aug. 17, reporting the purchase of 143,593 ETH alongside $146.5 million raised through its at-the-market (ATM) offering.
The Minneapolis-based company, one of the largest corporate holders of ETH, also closed a $390 million registered direct offering on Aug. 11, further boosting its liquidity for continued cryptocurrency purchases. The company said its average ETH purchase price for the week was $4,648.
Growing ETH Holdings
With the new acquisitions, SharpLink’s total ETH reserves increased to 740,760. The firm began accumulating Ether on June 2, 2025, when it launched a treasury strategy focused on cryptocurrency exposure. Since then, SharpLink has generated 1,388 ETH in staking rewards.
The company’s ETH concentration, a measure of exposure relative to cash reserves, rose to 3.87 as of Aug. 17 — a 94% increase since June. In addition, SharpLink said it still holds more than $84 million in cash earmarked for future ETH acquisitions.
Financing Activities
SharpLink’s fundraising efforts during the reporting period included two major components. The ATM facility generated $146.5 million in net proceeds, while the registered direct offering brought in $390 million. Both sources of funding were directed toward expanding ETH purchases.
The company did not provide details on the timeline for deploying its remaining cash into digital assets, but indicated that acquisitions will continue in line with its treasury management plan.
Context and Outlook
SharpLink’s activity highlights the growing role of corporate entities in the Ethereum market as firms adopt digital assets as part of balance sheet management. The company’s rapid accumulation of ETH and continued reliance on equity financing reflect a broader trend among public companies seeking exposure to cryptocurrencies.
The update follows a period of heightened volatility in digital assets, with Ethereum trading above $4,600 during the company’s purchases. Despite market swings, SharpLink has expanded its holdings steadily over the summer months.
The company is expected to continue providing weekly updates on ETH acquisitions and related financing, maintaining transparency as it executes its digital asset strategy.
