Nasdaq-listed SharpLink Gaming continues to expand its Ethereum (ETH) reserves. In the latest development, the firm purchased 143,593 ETH over the past week, bringing its total digital asset holdings to over $3 billion.
Specifically, SharpLink Gaming raised $390 million through a registered direct offering, which closed on August 11. Another $146 million was raised through its at-the-market (ATM) facility over the past week.
The company’s official announcement revealed that the latest cryptocurrency purchase had an average price of $4,648 per ETH – about 8% higher than the asset’s current market price. This acquisition increases SharpLink Gaming’s total holdings to 740,760 ETH.
In addition, the firm’s total staking rewards – ETH earned as rewards for staking on the Ethereum network – have surged to 1,388 since launching its treasury strategy on June 2. Notably, SharpLink Gaming still has nearly $84 million available for further ETH acquisitions.
As of August 18, BitMine held ETH worth more than $6.6 billion, totaling over 1.5 million coins purchased at an average price of $4,326 per unit. The firm highlighted the GENIUS Act and the US Securities and Exchange Commission’s (SEC) Project Crypto as pivotal developments for the digital assets industry in 2025.
To recall, the GENIUS Act is the first US law regulating stablecoins, requiring them to be fully backed by liquid assets and subject to audits. It also prioritizes stablecoin holders in bankruptcy, ensuring claims on reserves are settled first.
Meanwhile, Project Crypto is an SEC initiative to modernize securities rules for digital assets, offering clearer classifications, custody standards, and safe harbors. It also encourages tokenized markets and single-licensed “super-apps” for crypto services.
