Nasdaq-listed SharpLink Gaming disclosed today that it purchased an additional 56,553 Ethereum (ETH) during the week ending August 24. The latest acquisition brings the company’s total ETH holdings to approximately $3.7 billion.
Notably, SharpLink’s latest ETH buy was its fourth consecutive weekly purchase of the digital asset in as many weeks. Commenting on the development Joseph Chalom, Co-Chief Executive Officer said:
Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision and the commitment of our team. With nearly 800,000 ETH now in reserve and strong liquidity available for further ETH acquisitions, our focus on building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem remains unwavering.
As Chalom highlighted, SharpLink’s ETH reserves are nearing the 800,000 milestone, currently standing at 797,704 ETH. The firm’s average purchase price during the latest acquisition was $4,462 per ETH.
In addition, the company has earned an extra 1,799 ETH through staking since June 2. SharpLink also maintains roughly $200 million in cash reserves earmarked for future ETH purchases.
Meanwhile, the Ethereum concentration ratio – a proprietary metric developed by SharpLink Gaming – has risen to 3.80. This figure reflects strong asset density per share on a fully diluted basis and provides shareholders with a transparent measure of ETH exposure per share.
At the time of writing, SharpLink Gaming shares were trading at $19.42, up 1.3% on the day. Over the past six months, the stock has gained an impressive 315%, primarily buoyed by its ETH treasury strategy.
While Bitcoin (BTC) remains the dominant crypto asset with a market cap exceeding $1 trillion, companies are increasingly warming to the idea of holding ETH as part of their treasury strategy.
