Joe Lubin’s Sharplink Gaming Resumes ETH Purchases, Bringing Holdings Over $3.5B

SharpLink Gaming (SBET), the publicly-traded digital asset treasury company led by Ethereum co-founder Joseph Lubin, reported its first ether ETH$3,883.68 purchase since late August, acquiring over $75 million worth of tokens.

The firm raised $76.5 million last week via a direct stock offering, and used the proceeds for purchasing 19,271 ETH at an average price of $3,892, according to the press release. The company now holds 859,853 ETH, worth roughly $3.5 billion combined with its $36.4 million stash in cash and equivalents.

Sharplink’s stock traded flat at around $14.70 following the news, down some 66% since the July highs and nearly 90% below its May peak after announcing its crypto pivot.

The acquisition follows a dire period for corporate crypto treasuries, seeking to accumulate digital assets through raising capital by selling equity and debt. Once riding high on hype, many of these companies now see their stock prices plummeting well below the value of the crypto assets they hold, limiting their ability to fund their crypto acquisition strategy.

SharpLink last month bought back its common shares after its stock dropped below the net asset value of its ETH and cash reserves. The last ETH purchase the company disclosed occurred in the last week of August, acquiring slightly more than 39,000 tokens. The firm also earned 5,671 ETH, some $22 million at current prices, through staking its holdings since June.

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