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By Krisztian Sandor, AI Boost|Edited by Sheldon Reback
Aug 19, 2025, 1:11 p.m.
- SharpLink Gaming bought 143,593 ETH last week, increasing its total holdings to nearly $3.2 billion.
- The company raised $537 million to finance the purchases, including $390 million through a direct offering.
- The firm’s ETH acquisition pace has fallen behind rival BitMine’s, which holds $6.6 billion of tokens.
SharpLink Gaming (SBET), the Nasdaq-listed ether (ETH) treasury firm led by Ethereum co-founder Joe Lubin, said it bought 143,593 ETH through last week, bringing total holdings above $3 billion.
To finance the purchases, SharpLink raised $537 million in net proceeds during the week ended Aug. 15. The company secured $390 million through a registered direct offering that closed Aug. 11, and an additional $146.5 million via its at-the-market issuance program.
STORY CONTINUES BELOW
The firm reported an average ETH purchase price of $4,648 for last week’s acquisitions. That’s roughly 8% higher than the asset’s current price after the crypto market slid over the past few days, with ETH dropping below $4,300.
As of Sunday, SharpLink held 740,760 ETH, worth $3.18 billion at current prices.
The Minneapolis-based firm has pursued an aggressive digital asset treasury strategy since its late May pivot, raising funds to accumulate ETH and staking the tokens in exchange for rewards. Even so, its acquisition pace trails competitor BitMine Immersion Technologies (BMNR), which has more than 1.5 million tokens, roughly twice as many as SharpLink.
The company said it still had more than $84 million in cash to deploy for future ETH purchases.
Read more: BitMine Immersion’s Ether Holdings Top $6.6B, Stock Slides 7% Alongside ETH’s Tumble
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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