SharpLink Gaming, once known mainly for its sports betting marketing, has fully embraced its transformation into a major Ether (ETH) treasury company. On Monday, the firm announced a $400 million share purchase deal with five global institutional investors, aimed at expanding its already massive ETH reserves.
The agreement will see shares sold at $21.76 each, with total proceeds of $400 million. SharpLink expects the transaction to close on Tuesday, subject to standard conditions. Following this latest deal, the company’s Ether holdings are projected to exceed $3 billion in value.
Share Price Dips, Then Recovers
Despite the high-profile announcement, SharpLink’s share price closed Monday down 6.6% at $22.34. This marked a reversal from its earlier gains during the past week, when it hit a high of over $28 in early trading on Monday.
However, the decline didn’t last long. After-hours trading brought a recovery of nearly 3.5%, lifting the stock to $23.10. The stock’s recent performance has been strong overall, up 17.5% over the last five trading days and 189% so far in 2025, driven largely by the company’s aggressive ETH buying strategy.
In mid-June, the firm faced a sharp blow when shares fell 73% in a single after-hours session. This came after it filed to potentially resell 58.7 million shares, a move that many investors misinterpreted. Ethereum co-founder and SharpLink chairman Joseph Lubin quickly clarified that it was a standard procedure and not a negative signal.
Second-Largest Public ETH Holder
SharpLink’s Ether reserves currently stand at 598,800 ETH, worth about $2.57 billion based on Sunday’s prices. The company trails only BitMine Immersion Technologies, which holds more than 1.15 million ETH valued at nearly $5 billion.
This positioning cements SharpLink as one of the largest Ethereum-holding public companies worldwide. The firm’s leadership, including co-CEO Joseph Chalom, has been vocal about their long-term confidence in Ethereum’s potential. Chalom said the speed and scale of recent investments “underscore the market’s confidence” in SharpLink’s ETH treasury strategy, adding that Ethereum’s “transformative potential” is increasingly recognised by institutions.
Nearly $1 Billion Raised in a Week
The latest $400 million deal follows a remarkable fundraising streak for SharpLink. Just last Thursday, the company secured $200 million from four unnamed institutional investors. Earlier, on 5 August, it raised $264.5 million through an at-the-market offering.
Altogether, SharpLink has raised nearly $900 million in under a week, with an additional $200 million in at-the-market proceeds still available for future investments.
This pace of capital raising highlights not only the company’s strong connections to institutional investors but also the growing appetite for corporate exposure to cryptocurrencies, particularly Ethereum.
Ether Nears All-Time High
SharpLink’s aggressive buying spree comes at a time when Ether has been enjoying a strong market recovery. ETH has surged 44.5% over the past month, climbing from below $3,000 to over $4,300.
At $4,278, Ether is now just 12% shy of its all-time high of $4,878 set in November 2021. While ETH traded flat over the past 24 hours, the upward momentum has reignited interest among both retail and institutional investors.
For SharpLink, the timing could not be better. If ETH continues its rise, the company’s rapidly expanding holdings could see substantial value gains, further cementing its position as a leading crypto treasury player.
SharpLink Gaming is rapidly shifting from a sports betting marketing firm to a crypto powerhouse, with a focus on building one of the world’s largest corporate Ether reserves. Despite short-term volatility in its share price, the company has raised nearly $1 billion in a week, signalling strong institutional backing. With Ethereum nearing record highs, SharpLink’s bold bet on ETH could prove transformative, both for its balance sheet and for its role in the growing corporate crypto investment trend.
