SharpLink Ether Holdings have surged past the $3.1 billion mark, signaling the firm’s continued commitment to expanding its Ethereum (ETH) treasury despite facing stiff competition from BitMine.

SharpLink Steps Up ETH Accumulation

SharpLink Gaming (Nasdaq: SBET), a digital asset treasury company headed by Ethereum co-founder Joe Lubin, recently revealed that it acquired 143,593 ETH during the previous week. This substantial purchase has pushed the Minneapolis-based firm’s total ETH holdings to 740,760 tokens, now valued at approximately $3.18 billion.

As detailed in a press release, SharpLink financed these acquisitions through a combination of capital-raising strategies. The company secured $537 million in net proceeds between August 10 and August 15. Of this total, $390 million came via a registered direct offering finalized on August 11, while $146.5 million was raised through an at-the-market equity issuance program. (source)

Purchase Price and Market Conditions

The average purchase price for last week’s Ethereum was reported at $4,648 per token. This figure stands nearly 8% above Ethereum’s current trading value, which had dipped below $4,300 amid a broader decline in the cryptocurrency market. Despite the short-term market slide, SharpLink’s strategic buys reflect a long-term bullish stance on Ethereum as a treasury asset.

SharpLink has ramped up Ethereum acquisitions as part of its shift to a digital asset treasury model.

Staking and Treasury Strategy

Following a strategic business pivot in late May, SharpLink has embarked on an aggressive move to strengthen its ETH reserves. The company not only acquires Ether but also stakes its holdings to generate passive rewards through Ethereum’s proof-of-stake mechanism. This dual approach aims to optimize the use of their crypto assets by both growing the treasury size and earning ongoing yield.

Competition with BitMine Immersion

Despite aggressive acquisitions, SharpLink still lags behind BitMine Immersion Technologies (BMNR), a competing firm in the ETH treasury space. BitMine currently holds over 1.5 million ETH tokens—more than double SharpLink’s quantity—which equates to a value exceeding $6.6 billion. (source)

While SharpLink may be trailing in volume, it maintains a strong capital position. The company reports having over $84 million in liquid reserves earmarked for future ETH purchases, indicating that its accumulation efforts are far from over.

Future Outlook

SharpLink’s strategy places it among a growing list of firms treating Ethereum as a long-term treasury asset. With ongoing volatility in traditional markets and increasing institutional interest in cryptocurrencies, SharpLink’s commitment could position it for significant gains if ETH prices recover.

Related: <h1>SharpLink Expands ETH Holdings to 800K with $361M Raise</h1>

As the race for Ethereum holdings continues, SharpLink’s efforts demonstrate how companies are integrating blockchain assets into broader financial strategies—staking not just assets, but firm positioning in the next era of finance.