SharpLink Gaming, Inc., a prominent advocate for Ethereum adoption, has significantly increased its Ether (ETH) holdings, now totaling 859,853 ETH, valued at approximately $3.5 billion as of October 19, 2025. This expansion follows a $76.5 million capital raise completed on October 17, 2025. The company purchased 19,271 ETH at an average price of $3,892 per token, marking its first Ethereum buy since August 2025.
The strategic acquisition reflects SharpLink's continued confidence in its crypto treasury strategy and its commitment to strengthening its balance sheet through ETH accumulation. Joseph Chalom, SharpLink's Co-CEO, stated that the company swiftly deployed the capital to acquire Ethereum below the offering price, enhancing immediate accretion for shareholders. He highlighted the precision of their strategy, noting that the capital raise was executed at a premium to net asset value (NAV), and the subsequent ETH acquisition took advantage of attractive market conditions.
SharpLink's total ETH holdings consist of 601,143 native ETH and 258,710 ETH as-if redeemed from LsETH. In addition to its Ethereum reserves, the company reports $36.4 million in cash and equivalents.
The company has also benefited from staking rewards, earning 5,671 ETH since launching its treasury strategy on June 2, 2025. For the week ending October 19, 2025, staking rewards comprised 326.4 native staking rewards and 132.5 as-if redeemed LsETH staking rewards. SharpLink tracks a metric called "ETH Concentration" to enhance transparency into its yield performance. The company's ETH Concentration increased to 4.0, up 100% since June 2, 2025.
SharpLink was the first publicly traded company to announce an Ethereum-centric treasury strategy on May 27, initially investing $425 million. The company's stock price has surged over 450% in the past six months.
SharpLink's move to increase its ETH holdings comes as other companies are also reportedly "buying the dip". BitMine Immersion Technologies, another significant player in the Ethereum treasury space, has also been actively accumulating ETH. BitMine, chaired by Tom Lee, recently purchased an additional 203,826 ETH, bringing its total holdings to 3,236,014 ETH, representing approximately 2.7% of Ether's circulating supply. Tom Lee has stated that the recent price drop in Ethereum represents an attractive risk/reward opportunity. He remains bullish on Ethereum, predicting it could reach between $12,000 and $15,000 by the end of 2025.
These strategic acquisitions by companies like SharpLink and BitMine highlight the growing confidence in Ethereum's long-term potential and its role in decentralized finance and other emerging technologies.
