SharpLink Gaming has announced a significant expansion of its Ethereum holdings, having purchased over 39,000 ETH for $176 million.
Purchase of $176 Million in ETH
SharpLink Gaming purchased **39,008 ETH** during the last week of August at an average price of **$4,531**. The acquisitions were partially funded by **$46.6 million** raised through an **ATM equity program**.
Pivot to Ethereum Treasury Strategy
The company's treasury strategy for Ethereum began on June 2. Since then, SharpLink has earned **2,318 ETH** in staking rewards. Co-CEO Joseph Chalom stated: "We continue to execute our treasury strategy with precision, growing our ETH holdings and consistently earning staking rewards."
Financial Performance and Stock Market
Despite the increase in assets, SharpLink's stock has been volatile, falling nearly **5%** to **$16.98**. The shares are up more than **400%** since mid-May. Compared to other firms, BitMine Immersion Technologies holds the largest Ethereum treasury with **1.87 million ETH**.
SharpLink Gaming's aggressive approach to accumulating ETH may have significant implications for its financial position and market standing.
