SharpLink Gaming, a Nasdaq-listed company chaired by Ethereum co-founder Joseph Lubin, has increased its Ethereum (ETH) reserves by nearly 30% in a strategic treasury move.
The company acquired 79,949 ETH between July 14 and July 20 at an average price of $3,238 per token, bringing its total holdings to 360,807 ETH. The acquisition comes amid a broader trend of corporates diversifying treasury strategies by incorporating digital assets like Ethereum.
Staking Activity and Market Strategy
To fund the purchases, SharpLink raised $96.6 million through its at-the-market (ATM) equity program, issuing approximately 3.8 million shares. According to the company, the funds are not fully deployed, leaving room for additional ETH acquisitions in the coming weeks.
This move strengthens the firm’s position as the largest corporate holder of Ethereum, positioning the token as its primary treasury reserve asset. The company’s ETH Concentration metric, which gauges crypto exposure per share, rose to 3.06, reflecting a 53% increase since mid-June.
Since announcing its digital treasury strategy on June 2, SharpLink has earned 567 ETH in staking rewards, highlighting its intent to generate yield while maintaining long-term holdings.
The weekly ETH purchase of nearly 80,000 tokens marked the company’s largest acquisition during any reported period, signaling continued execution of its accumulation strategy. SharpLink emphasized that its treasury model aligns with its broader business goals and shareholder value enhancement efforts.
Chairman Joseph Lubin, who is also the founder of Consensys and a well-known figure in Ethereum’s development, stated that the company’s treasury strategy aims to capitalize on market conditions to build a substantial ETH reserve. Lubin noted in the company’s latest update.
The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value through disciplined execution of our treasury growth strategies.
Policy Developments and Regulatory Context
In addition to its ETH expansion, SharpLink also responded to regulatory developments, specifically the recent passage of the GENIUS Act by US President Donald Trump.
The bipartisan legislation introduces a federal framework for stablecoins and digital asset operations, requiring full asset backing, regular audits, and clear issuer guidelines. SharpLink expressed support for the bill, citing its potential to create a more favorable climate for blockchain integration and innovation.
Lubin remarked that the legislation reduces regulatory ambiguity, enabling firms like SharpLink to build more confidently in the digital asset space. Lubin said.
With the GENIUS Act now law, the regulatory uncertainty that has surrounded crypto innovation is finally easing. We believe this ushers in a more supportive environment for companies like SharpLink to… harness the full potential of Ethereum — including its security, scalability and smart contract utility.
With more capital still available for ETH purchases and favorable legislative conditions emerging, SharpLink’s Ethereum-based treasury strategy may continue to expand.
The firm’s alignment with Ethereum’s ecosystem positions it to capitalize on infrastructure growth, institutional adoption, and broader market developments in the crypto space.
Featured image created with DALL-E, Chart from TradingView
