SharpLink Buys 10,000 Ethereum and Reaches 886,725 ETH in Treasury

SharpLink, listed on the Nasdaq as SBET, announces a new purchase of 10,000 Ethereum at an average price of $1.611 each. This brings the total amount of ETH held by the company to 886,725, making it the second largest Ethereum treasury company in the world. In addition to the ETH purchase, the company is also buying back over 2.1 million of its own shares.

Ethereum is available at OKX and Bybit.

SharpLink strengthens position as largest Ethereum holder

The Miami-based company has long positioned itself as one of the largest institutional holders of Ethereum. With the latest purchase of 10,000 ETH, executed at an average price of $1.611, the treasury now totals 886,725 ETH. For comparison, the current Ethereum price stands at $1.570,39, meaning SharpLink made the purchase at a slightly higher price than the market quotes today.

SharpLink is not alone in this market. Other companies are also actively building Ethereum reserves. For instance, Bitmine is further expanding its Ethereum holdings, although SharpLink remains significantly larger in terms of total ETH held. SharpLink’s strategy is clear: allocate capital so that the ETH exposure per share increases.

Share buyback and new $75 million capital round

In addition to the ETH purchase, SharpLink also reports a share buyback programme. The company is buying back 2,132,773 of its own shares on the open market at an average price of $4.69 each. This is part of an ongoing buyback programme that runs simultaneously with the further build-up of its crypto reserves.

Last week, SharpLink also raised $75 million through a so-called registered direct offering. The freshly raised capital is being used to further strengthen the ETH position, according to Globe Newswire. This indicates that the focus is entirely on increasing the Ethereum exposure per outstanding share, an approach that closely resembles the strategy that MicroStrategy previously popularised with Bitcoin.