The company, Sharplink Gaming, Inc. (Nasdaq: SBET), funded the purchases entirely through net proceeds from its at-the-market equity facility. Sharplink paid an average price of $3,634 per ETH between July 28 and August 3.

Total ethereum holdings rose 19% from 438,190 ETH the prior week. All holdings remain fully staked, with cumulative rewards reaching 929 ETH since the treasury strategy began on June 2. ETH-per-share concentration rose to 3.66, up from 3.40 a week earlier. This metric has increased 83% since the strategy’s inception.

Co-CEO Joseph Chalom stated the company is evaluating capital formation options – including debt and equity-linked offerings – to accelerate ETH accumulation. “Our efforts optimize capital efficiency and reinforce alignment with Ethereum’s role in decentralized finance,” he said.

Minneapolis-based Sharplink ranks among the biggest corporate holders of ETH, treating it as the crown jewel of its treasury reserves. The company sits just behind Bitmine Immersion Technologies, which controls more than 833,000 ether. While 2025 has been dominated by a wave of bitcoin (BTC) treasury players, altcoin reserves have been gaining serious momentum.

Sharplink’s strategy, like Bitmine’s, the Ether Machine’s, and Bit Digital’s, signals a calculated bet on ethereum’s long-term role in digital finance, blending aggressive accumulation with staking rewards. Its growing position hints at a future where corporate treasuries diversify beyond bitcoin, embracing altcoins as strategic reserve assets.

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