SharpLink Gaming expanded its crypto treasury last week by buying 143,593 Ether (ETH) at an average price of $4,648 per token, spending $667.4 million.
The purchase, disclosed in a US Securities and Exchange Commission (SEC) filing on Tuesday, brought the company’s total holdings to 740,760 ETH, valued at around $3.2 billion at current market prices.
NEW: SharpLink acquired 143,593 ETH at ~$4,648, bringing total holdings to 740,760 ETH Key highlights for the week ending Aug 17, 2025: → Raised $537M through ATM and direct offerings → Added 143,593 ETH at ~$4,648 avg. price → Staking rewards: 1,388 ETH since June 2 launch
The timing coincided with Ether trading above $4,700, close to its record highs, underscoring the accelerating pace of institutional demand for ETH.
SharpLink’s move also came against the backdrop of massive inflows into Ether exchange-traded funds and an intensifying corporate race for crypto treasuries worldwide.
SharpLink builds ETH treasury despite losses
The sports betting platform’s latest acquisition follows its report of a $103 million net loss for the second quarter of 2025, which was partly driven by accounting losses tied to liquid staked Ether (LsETH).
According to the filing, SharpLink has deployed “substantially all” of its ETH holdings into staking, including liquid staking, and has already generated 1,388 ETH in rewards.
The company acknowledged that aspects of staking could be affected by future changes in government regulation and guidance, particularly in the US and EU.
SharpLink shares fell 12% on Friday after the SEC filing and have continued to slide since then.
On Tuesday, 19 August, the stock closed at $18.39, extending its decline to 18% over the last five trading sessions, according to TradingView data.
Institutional ETH demand reaches $3.7 billion
SharpLink’s accumulation reflects a wider institutional rush into Ether. From 5 August through Thursday, spot Ether ETF issuers recorded $3.7 billion in inflows, highlighting surging investor appetite.
This has coincided with Ether’s price strength, with the cryptocurrency trading at $4,206 on Tuesday and hovering near its all-time high levels.
Rising inflows suggest large investors are increasingly treating ETH as a long-term store of value asset.
BitMine tops SharpLink with 373,000 ETH buy
While SharpLink boosted its treasury, BitMine made a bigger move. On Monday, the company purchased 373,000 ETH, bringing its total holdings to 1.52 million ETH, valued at approximately $6.6 billion.
That makes BitMine the second-largest corporate crypto treasury globally, behind only Michael Saylor’s Strategy.
Strategy, which added 629,376 Bitcoin (BTC) worth about $72.7 billion as of Sunday, remains the largest holder.
The firm’s most recent buy included 51.4 million in Bitcoin purchases earlier in the week, reinforcing its position as the top crypto treasury in the world.
Ethereum staking positions grow with corporate entries
The corporate entry into staking highlights a trend of businesses using ETH not only for treasury diversification but also to participate directly in the Ethereum network.
SharpLink’s staking returns, amounting to 1,388 ETH to date, underscore the potential revenue stream for firms deploying large sums in proof-of-stake validation.
With companies like BitMine and Strategy expanding their digital asset positions, the institutional competition for blockchain-based assets is intensifying across both Bitcoin and Ethereum, especially during a period of heightened market volatility.
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