SharpLink adds $54M in Ethereum, expanding holdings to $1.65B

SharpLink Gaming has continued its aggressive Ethereum acquisition strategy, purchasing another 15,822 ETH worth approximately $53.9 million.

According to an Aug. 3 post on X by Lookonchain, the firm spent $108.57 million in USD Coin (USDC) over the preceding two days to acquire 30,755 Ethereum (ETH) at an average price of $3,530 per token. With this latest purchase, SharpLink now holds 480,031 ETH, valued at $1.65 billion.

The company has modeled its approach on Strategy’s Bitcoin (BTC) playbook, using capital markets to build a large ETH treasury. Key funding rounds include a $425 million private placement completed in May and $413 million raised through share issuance in July.

The company’s leadership has also evolved to support this strategy. On July 25, SharpLink appointed Joseph Chalom, former head of digital assets strategy at BlackRock, as Co-CEO.

Chalom previously helped manage the iShares Bitcoin and Ethereum Trusts, with $87 billion and $10 billion in assets, respectively. Ethereum co-founder and Consensys chief executive officer Joseph Lubin serves as chairman of the board.

Competition among Ethereum treasury companies

SharpLink briefly became the largest corporate holder of ETH on July 19, surpassing the Ethereum Foundation’s 233,000 ETH reserve. However, it was soon overtaken by Bitmine Immersion Technologies, which holds 625,000 ETH and is backed by Peter Thiel. As of Aug. 4, 63 companies collectively hold 2.74 million ETH, valued at $9.71 billion, according to data from Strategic ETH Reserve.

Analysts say SharpLink’s activity reflects Ethereum’s growing role as a strategic reserve asset. Many point to Ethereum’s dominant role in rapidly emerging sectors such as stablecoins and tokenization as signs of strong network momentum.

Still, not all observers are convinced. One analyst at Seeking Alpha argues that SharpLink’s stock, SBET, trades at nearly 4× the value of its ETH holdings, calling it speculative and overvalued. He suggests investors may be better served by direct ETH purchases or exchange-traded funds, which avoid the premium.

Despite mixed views on valuation, SharpLink’s stock has climbed 35% in the past month and 112% year to date, making it one of the most closely watched Ethereum-focused public companies.