SharpLink Resumes Ether Purchases After $76.5 Million Capital Raise
SharpLink Gaming (SBET), the publicly traded digital asset treasury company led by Ethereum co-founder Joseph Lubin, has resumed its ether (ETH) accumulation after nearly two months of inactivity.
The company confirmed it acquired more than $75 million worth of ETH this week — its first purchase since late August — marking another major move in its aggressive treasury expansion strategy.
According to its announcement, SharpLink raised $76.5 million last week through a direct stock offering and promptly used the proceeds to buy 19,271 ETH at an average price of $3,892 per token.
The acquisition brings the company’s total ether holdings to 859,853 ETH, worth approximately $3.5 billion when combined with its $36.4 million in cash and equivalents.
Market Reaction and SharpLink Stock Performance
SharpLink’s stock dropped over 3% to $14.31 following the announcement.
Sharplink Gaming share price (Source: Google Finance)
The company’s shares remain down roughly 66% since July highs and almost 90% below the peak it reached in May when it first unveiled its pivot toward a crypto treasury model.
The negative reaction shows ongoing investor skepticism toward publicly listed firms holding large crypto positions. Many of these companies — which previously sought to mirror the success of high-profile digital asset treasuries — now face steep declines in share prices that have fallen well below the value of the crypto assets they hold.
Navigating a Difficult Environment for Corporate Treasuries
SharpLink’s renewed ETH purchase comes amid a difficult stretch for corporate crypto treasuries. Many such firms have turned to selling equity or debt to finance further crypto accumulation, only to find themselves squeezed by volatile prices and tighter capital markets.
In response to its own valuation challenges, SharpLink executed a share buyback last month after its stock dropped below the net asset value of its ETH and cash reserves. This effort aimed to reassure shareholders that the company’s underlying asset base remains strong, even as market sentiment weighs on its stock performance.
Consistent Commitment to Ethereum Holdings
The latest acquisition marks SharpLink’s first ETH purchase since the final week of August, when it acquired slightly more than 39,000 tokens. The company has also continued to generate returns from staking activities, earning 5,671 ETH — valued at roughly $22 million at current prices — since June.
These consistent additions signal SharpLink’s long-term commitment to ether as a core treasury asset. Even in a volatile environment, the company continues to double down on Ethereum’s role as the foundation of its balance sheet.
