SharpLink, the digital asset investment company chaired by Ethereum co-founder Joe Lubin, significantly increased its ETH holdings last week, reinforcing its position in the Ethereum ecosystem.

Ethereum Holdings Near 800K ETH

SharpLink Gaming (NASDAQ: SBET), based in Minneapolis and known for its focus on crypto treasury strategies, purchased 56,533 ETH between August 18 and August 24. This latest acquisition brought the firm’s total Ethereum holdings to 797,704 ETH, valued around $3.6 billion based on recent prices, according to a press release issued Tuesday.

The report noted that the average purchase price of ETH during that time was $4,462. In addition, the company has earned staking rewards totaling 1,799 ETH since it launched its ETH-centric treasury program in June. These rewards add to SharpLink’s credibility as one of the leading institutional ETH holders.

Capital Raised to Fuel Further ETH Purchases

In parallel with expanding its Ethereum portfolio, SharpLink also raised $360.9 million in net proceeds via its at-the-market (ATM) equity offering program. This substantial capital infusion leaves the company with an additional $200 million in liquidity earmarked for potential further ETH buys, according to statements made in the same update.

The market responded positively to the news, with SharpLink stock gaining 1.1% early in the trading session.

This chart shows SharpLink’s ETH acquisitions over time, highlighting its recent jump in holdings.

Ethereum Treasury Firms Influence Market Trends

Ethereum-focused treasury firms such as SharpLink are playing an increasingly influential role in the crypto market. A recent analysis by Standard Chartered reported that these entities have collectively absorbed 2.6% of Ethereum’s total available supply in recent months. This wave of institutional accumulation is widely credited with driving ETH prices to new highs over the summer, including a record surge in August.

Leading this group is BitMine Immersion Technologies (BMNR), which boasts a 1.7 million ETH stash. SharpLink’s nearly 800,000 tokens place it firmly in second position among corporate Ethereum holders.

Stock Buyback and Market Valuation Outlook

In light of recent pullbacks in both crypto assets and digital asset-focused equities, SharpLink took a strategic step by approving a $1.5 billion stock repurchase plan. This buyback initiative would activate should the company’s share price fall to or below its net asset value, serving as a protective measure for long-term shareholders.

Geoff Kendrick, head of market research at Standard Chartered, weighed in on institutional ETH buyers’ outlook. He reiterated the bank’s bullish ETH forecast, maintaining a $7,500 year-end price target and describing ETH-focused companies as undervalued in the wake of recent volatility.

Related: Cardano Bull Setup Points to December Rally

A comprehensive look at the ETH-focused treasury firm landscape and their valuation potential can be found here: Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered.