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Joseph Lubin’s SharpLink adds $177 million worth of Ethereum, raising treasury holdings to 837,000 ETH

Joseph Lubin’s SharpLink adds $177 million worth of Ethereum, raising treasury holdings to 837,000 ETH

The BlockThe Block2025/09/01 16:00
By:By Naga Avan-Nomayo

Quick Take SharpLink bought 39,008 ether at an average $4,531, raising its holdings to 837,230 ETH. The digital asset treasury firm still has $71.6 million in outstanding cash to fund more ether purchases.

Joseph Lubin’s SharpLink adds $177 million worth of Ethereum, raising treasury holdings to 837,000 ETH image 0

SharpLink Gaming (SBET), a Minnesota-based Ethereum treasury firm, said it bought 39,008 ether over the past week at an average price of about $4,531, bringing its holdings to 837,230 ETH valued near $3.6 billion as of Tuesday.

The purchase was funded largely through $46.6 million in net proceeds from the company’s at-the-market equity program for the week ended Aug. 31, according to a post on X . Average acquisition price suggests the company spent approximately $177 million buying ETH last week.

SharpLink noted that cumulative staking rewards since launching its ether-denominated treasury strategy on June 2 have reached 2,318 ETH.  It also reported more than $71.6 million in cash yet to deploy and said its internal “ETH concentration” rose to 3.94, up roughly 97% since early June. This metric tracks the ratio of ETH exposure to cash on a cash-converted basis. At current levels, it implies roughly four dollars of ETH for every dollar of cash if all deployable cash were swapped into ETH.

Joseph Lubin, the co-founder of Ethereum and founder/CEO of Consensys, was appointed Chairman of SharpLink in May 2025, following a $425 million private investment round led by Consensys and other investors.

The latest addition keeps SharpLink among the largest public corporate ether treasuries, and part of a broader balance-sheet trend this summer. The Block’s data dashboard shows ETH-focused digital asset treasuries swelling from roughly $4 billion in early August to more than $12 billion by month-end, paced by large purchases from SharpLink and BitMine Immersion . BitMine last week disclosed 1.71 million ETH and over $8.8 billion in combined crypto and cash.

On Sept. 2, SBET shares traded at $17.8 after closing 3.5% down on Friday, while ETH fell almost 2% to $4,300 amid a crypto market lull, according to The Block's price page .


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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