Ethereum Treasury boosts ETH reserves by $176 million via SharpLink acquisition

SharpLink Gaming Pivots to Crypto Treasury, Acquires 39,008 Ethereum

SharpLink Gaming, a Nasdaq-listed firm based in Minneapolis, Minnesota, has made a significant move in the crypto market. Originally a gambling marketing company, SharpLink pivoted to become a crypto treasury in May 2025, following the model of Strategy (formerly MicroStrategy).

Last week, SharpLink Gaming announced the acquisition of 39,008 Ethereum, with an average price of approximately $4,531. This move comes as Ethereum hit a new all-time high price in August, as a number of companies bought the asset.

The PIPE offering was led by blockchain technology firm Consensys and had participation from Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital. SharpLink Gaming first announced its plan to buy Ethereum in May 2025 via a $425 million private investment in public equity (PIPE) offering.

However, no other acquisitions or transactions made by SharpLink Gaming during the week ending August 31, 2025, were disclosed. The company did not specify the purpose of the funds raised, but it did state that it will continue to monitor market conditions to maximize shareholder value.

Besides SharpLink Gaming, other companies that have bought Ethereum recently to boost their shareholder value include BitMine Immersion Technologies, The Ether Machine, Bit Digital, ETHZilla, and Yunfeng Financial Group (linked to Jack Ma). Notably, BitMine acquired over $200 million worth of ETH, and Yunfeng bought 10,000 ETH for $44 million.

Ethereum was recently trading for about $4,300 per coin, down about 1% over a 24-hour period, according to crypto data provider CoinGecko. Despite this slight dip, Ethereum is up more than 23% during the past month. However, it is down about 5% over the past week amid a wider slump in crypto markets.

SharpLink Gaming's Ethereum holdings now total 837,230 ETH, valued at around $3.6 billion. Myriad traders' optimism about SharpLink Gaming acquiring 1 million ETH by September 16 has decreased, with only about 30% of users now believing that the target will be met.

On Tuesday, SharpLink Gaming's stock was trading more than 5% lower at $16.89. Joseph Chalom, co-CEO of SharpLink, stated that the company will continue to monitor market conditions to maximize shareholder value.

The move by SharpLink Gaming to focus on accumulating Ethereum and invest in the crypto market is part of a larger trend among publicly-traded companies. A number of these firms have adopted a similar model, buying various cryptocurrencies like Bitcoin, XRP, Solana, BNB, and Ethereum to boost shareholder value.