SharpLink has expanded its Ethereum holdings again, adding over $667 million worth of ETH in its latest purchase. According to a recent filing, the company acquired 143,593 ETH at an average price of $4,648 per coin. This brings its total Ethereum holdings to 740,760 ETH – currently valued at just over $3.2 billion.
The purchase was made last week, when Ethereum was trading close to its local high. At the time, ETH briefly approached $4,800 before correcting. Since then, the price has fallen around 5% on the week, including a 3% drop today that pushed it below $4,200. Still, the broader trend remains positive – Ethereum is up 12% in the past month, and nearly 65% over the last three months.
Capital Raise Fuels Expansion
SharpLink raised $537 million during the same week through a combination of At-the-Market (ATM) share offerings and a registered direct sale. According to the company, over $84 million in cash remains undeployed, leaving room for potential further acquisitions.
SharpLink’s strategy has focused on Ethereum accumulation since June, when it began formally identifying ETH as a core treasury asset. This recent acquisition represents one of the firm’s largest single-week purchases to date.
The company is not only holding Ethereum but also actively staking it. According to the filing, nearly all of SharpLink’s ETH is now staked, including through liquid staking mechanisms.
Mixed Financial Results
Despite the aggressive buying strategy, SharpLink recently reported a $103 million net loss for the second quarter. A large portion of that was attributed to paper losses stemming from accounting treatment of liquid staked ETH.
The company acknowledged that aspects of its staking operations may be affected by future regulatory changes, particularly as guidance continues to change.
Looking Ahead
SharpLink now ranks among the largest corporate Ethereum holders. Its ongoing acquisitions – even during a short-term price correction – suggest a long-term commitment to Ethereum as a core strategic asset. While the company’s stock price has fallen in recent days, its ETH holdings continue to grow, reinforcing its shift from a traditional gaming and affiliate marketing firm into a digital asset-focused treasury model.
With $84 million still available for future purchases and a clear focus on ETH accumulation, SharpLink is likely to remain an active presence in institutional Ethereum buying in the near term.
