SharpLink expands ETH holdings after $838M capital raise
SharpLink has significantly expanded its Ethereum holdings by purchasing 30,755 ETH for $108.57 million, according to on-chain data posted on Aug. 3.
This brings the company’s total Ethereum treasury to 480,031 ETH, valued at $1.65 billion, reports Crypto News.
The average purchase price was $3,530 per ETH, aligning with SharpLink’s ongoing accumulation strategy modeled after Strategy’s Bitcoin-focused playbook. The funds came from recent capital raises, including $425 million in May and $413 million in July, showcasing aggressive treasury growth. The company’s ETH per share ratio has surged, reflecting strong shareholder exposure to Ethereum’s potential upside.
Leadership shift reinforces long-term ETH strategy
To support this pivot toward an Ethereum-centric treasury model, SharpLink appointed Joseph Chalom, former head of digital assets at BlackRock, as co-CEO on July 25. Chalom played a key role in managing iShares’ Bitcoin and Ethereum Trusts, lending institutional credibility to SharpLink’s direction. Ethereum co-founder Joseph Lubin also serves as chairman, further solidifying ties to Ethereum’s core ecosystem.
The leadership upgrade is expected to help scale Ethereum-related operations and attract more institutional capital. With executive backing and strategic intent, SharpLink is positioning itself as a frontrunner in the emerging ETH treasury race.
Growing competition and market skepticism around ETH treasuries
Despite its impressive accumulation, SharpLink faces stiff competition from Bitmine Immersion Technologies, which currently holds 625,000 ETH and reclaimed the top spot among ETH treasury firms. Altogether, 63 public companies now hold 2.74 million ETH, worth nearly $9.71 billion, as institutional interest in Ethereum accelerates.
However, not all investors are convinced: analysts at Seeking Alpha warn that SharpLink’s stock may be overvalued, trading at nearly 4× the value of its ETH holdings. Critics argue that direct ETH investments or ETFs might offer better risk-adjusted exposure. Still, SharpLink’s 112% YTD stock surge indicates that market appetite for Ethereum-treasury plays remains strong.
Recently we wrote that SharpLink Gaming has deepened its Ethereum holdings with a massive acquisition of 77,210 ETH, valued at approximately $295 million.
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