Joseph Lubin-backed SharpLink Gaming (ticker SBET) said it increased its ether stack by 29% last week as more entities tapped capital markets to fund corporate crypto acquisitions in an Ethereum treasury race.
The Nasdaq-listed firm acquired 79,949 ETH at an average price of $3,238 between July 14 and July 20, lifting its total holdings to 360,807 ETH, according to Tuesday’s release. Additionally, the Minnesota-based affiliate marketing company issued 3.8 million shares through its at‑the‑market program to raise $96.6 million, which remains available for further purchases.
SharpLink’s proprietary “ETH Concentration” metric that tracks shareholder exposure to crypto’s second-largest crypto also climbed to 3.06, up 53% since mid‑June, while cumulative staking rewards rose to 567 Ether since the June 2 treasury strategy announcement. SBET shares rose 7% just before the U.S. market opened, after a 12% dip at Monday’s close, Yahoo Finance data shows.
The update follows last week’s upsized common stock offer that now aims to raise $6 billion, up from $1 billion, to fund its ETH accumulation plan. While currently the largest publicly traded holder of Ether, SharpLink’s position as the pack leader faces stiff competition. On Monday, The Ether Machine shared plans to list on Nasdaq with around 400,000 ETH on its balance sheet, financed by up to $1.6 billion in committed cash. BitMine Immersion’s holdings also crossed $1 billion last week, as the firm plans to amass even more tokens for its corporate treasury.
Meanwhile, SharpLink chairman Joseph Lubin used the update to applaud President Donald Trump’s signing of stablecoin laws, saying clearer U.S. rules for digital assets should accelerate institutional adoption and validate its treasury strategy.
“With the Genius Act now law, the regulatory uncertainty that has surrounded crypto innovation is finally easing,” Lubin said, adding that the “more supportive environment” should usher in “transformative change across the global digital economy.”
© 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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