SharpLink Gaming, the Nasdaq-listed affiliate marketing and gaming software firm-turned Ethereum treasury company, announced it acquired another 83,561 ETH for approximately $303.7 million at an average price of $3,634 per ether between July 28 and Aug. 3, according to an 8-K filing with the Securities and Exchange Commission on Tuesday.
While onchain analysts have attempted to track the flow of funds into SharpLink’s wallets in recent days, their estimates appear to fall short of the firm’s total declared holdings of 521,939 ETH as of Aug. 3 — worth over $1.9 billion — and up 19% from the prior week’s total of 438,190 ETH.
The latest acquisitions were made using proceeds from SharpLink’s ongoing at-the-market facility. A further $264.5 million in net proceeds were raised from the sale of 13.6 million shares of SharpLink’s common stock between July 28 and Aug. 1, the firm said, following $279.2 million the week before.
SharpLink currently ranks second among 66 known Ethereum treasury entities, according to data from SER, behind only Tom Lee’s BitMine, which now holds over 833,000 ETH worth $3 billion following its latest disclosure on Monday. The Ether Machine sits third on 345,362 ETH ($1.2 billion).
Staking rewards
Since launching its treasury strategy on June 2, SharpLink said it has also earned 929 ETH ($3.4 million) in staking rewards, with 100% of its ether staked and its “ETH Concentration” rising to 3.66 — up 83% overall and 7.6% week-over-week.
SharpLink’s “ETH Concentration” metric is similar to the “BTC Yield” used by bitcoin treasury firms. It shows how much ETH the company holds per 1,000 assumed diluted shares, aiming to assess the effectiveness of its crypto acquisition strategy in driving shareholder value.
“SharpLink remains deeply committed to its mission of creating enduring shareholder value by building the largest and most trusted ETH treasury company,” SharpLink co-CEO Joseph Chalom said in a statement. “To accelerate our strategy, we are diligently evaluating a range of capital formation opportunities, including debt, equity and equity-linked offerings designed to increase our ETH holdings and grow ETH Concentration. Our efforts are designed to optimize capital efficiency and reinforce our long-term alignment with Ethereum’s role as the foundational infrastructure of decentralized finance.”
Ethereum co-founder and Consensys CEO Joe Lubin is also the chairman of SharpLink. Consensys led a $425 million private placement for SharpLink in June.
SharpLink is currently trading down 3% on Tuesday at $18.59, according to The Block’s SBET price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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