SharpLink Gaming ($SBET) has added another 39,008 ETH to its treasury, bringing its total Ethereum holdings to 837,230 ETH – now valued at approximately $3.6 billion. The average price of the latest purchase was around $4,531, according to a company update published on August 2.
The move comes during a period of broader market correction. Ethereum is down 2% today and over 6% on the week, trading just above $4,300. Bitcoin has slipped below $111,000, while XRP is holding around $2.80. Despite recent pressure, Ethereum is still up 22% over the past month and has gained more than 65% in the last three months.
Staking Strategy and Treasury Growth
Since adopting Ethereum as its reserve asset on June 2, SharpLink has steadily increased both its ETH exposure and staking rewards. As of this week, the company has earned 2,318 ETH in staking yield. Its ETH concentration ratio, which measures the size of its holdings relative to market liquidity, is now 3.94 – nearly double the level from two months ago.
The company also reported raising $46.6 million this week through its at-the-market (ATM) facility and still holds over $71.6 million in undeployed cash.
Stock Pullback Amid Broader Market Weakness
Despite the accumulation, SharpLink’s stock is down over 11% in the past five trading days, reflecting both the crypto market cooldown and typical volatility around treasury-driven strategies. Still, $SBET remains one of the top-performing crypto-adjacent equities of the year, up more than 280% over the last six months.
The company’s ETH-heavy approach continues to give it significant unrealized gains, with Ethereum’s price rally since May being a key driver of shareholder returns.
