SharpLink Gaming Bolsters Ethereum Holdings With 143,000+ ETH Purchase Last Week
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.
SharpLink Gaming Increases Ethereum Holdings, Again
According to a statement issued today, Minneapolis-based SharpLink Gaming acquired 143,593 ETH between August 10 and August 17. The firm raised $537 million in net proceeds during the same period to finance the ETH purchase.
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.
Despite these sizable reserves, SharpLink Gaming remains behind BitMine Immersion Technologies in total ETH holdings. BitMine recently claimed the top spot for ETH treasury management globally and ranks as the second-largest crypto treasury overall.
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.
Importance Of Favorable Crypto Regulations
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.
Favorable regulations like the GENIUS Act and Project Crypto have established clearer legal frameworks, reducing uncertainty and encouraging institutional participation in the crypto market. This clarity has boosted investor confidence in Ethereum and other digital assets, attracting more capital and supporting broader adoption.
That said, ETH may still experience temporary fluctuations before resuming its uptrend to new all-time highs, as recent data suggests hedge funds are shorting the digital asset. At press time, ETH trades at $4,195, down 1.6% over the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
