Ethereum treasury SharpLink spends another $667 million adding to its ETH stockpile

SharpLink Gaming, the Nasdaq-listed affiliate marketing and gaming software firm-turned Ethereum treasury company, said on Tuesday that it spent another $667 million on ether.

The company said it has purchased another 143,593 ETH at an average price of $4,648 per ether ($667.4 million) — bringing its total holdings to 740,760 (nearly $3.2 billion at current prices). Ethereum co-founder and Consensys CEO Joe Lubin serves as SharpLink's chairman of the board.

SharpLink is the number two Ethereum treasury company when ranked by holdings; BitMine Immersion Tech is the leading ETH treasury with over 1.5 million ether, according to The Block Data Dashboard. The cumulative amount of ether held by ETH treasuries is about $10.4 billion amid the recent craze in digital asset treasuries, or DATs, according to The Block's data.

After Bitcoin treasury Strategy, BitMine claims to be the number two DAT globally. The company aims to hold up to 5% of ETH’s supply.

ETH was changing hands at $4,238.062 as of 10:35 a.m. ET, according to The Block Price Page.

SharpLink also said it raised $537 million during the week ending Aug. 17 and has $84 million in cash it has not yet deployed. The company's stock dipped last week after SharpLink disclosed a $103 million net loss for the second quarter.

For the quarter, the company reported a 98% increase in "ETH Concentration," a measure of how much ETH the company holds per every 1,000 potential shares, which includes actual shares plus all the possible shares from warrants, options, RSUs, pre-funded warrants, and so on. "Nearly 100%" of the company's ETH has been staked, the firm also said.

As of Aug. 17, SharpLink had generated rewards of 1,388 ETH to date.

"Ethereum is the trust layer for the decentralized economy, and SharpLink’s aggressive accumulation, staking and strategic management of ETH set it apart from any other public company in the market," Lubin said last week. "SharpLink is actively compounding value for our fellow stockholders through yield generation and intelligent capital deployment."

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