- Sharplink bought 19,271 ETH ($75M), funded by a $76.5M stock offering.
- Total ETH holdings now exceed 859,000, valued at over $3.5B.
- Despite stock declines, Joe Lubin continues to scale exposure to Ethereum.
Sharplink Gaming (SBET), the Nasdaq-listed digital asset treasury firm led by Ethereum co-founder Joe Lubin, has resumed Ether accumulation after a month-long pause. The company purchased 19,271 ETH for roughly $75 million, marking its first buy since August. The move brings Sharplink’s total holdings to 859,853 ETH, worth over $3.5 billion, alongside $36.4 million in cash reserves. The average acquisition price for the new batch came in around $3,892 per ETH, according to the firm’s latest filing.
Funded by Fresh Capital
Sharplink financed the acquisition through a $76.5 million direct stock offering, continuing its model of raising equity to expand its crypto treasury. While this approach mirrors strategies used by firms like BitMine and Strategy (formerly MicroStrategy), it comes amid a tough environment for publicly traded crypto treasuries. Sharplink’s stock has fallen nearly 90% from May’s peak and sits about 66% below July levels, showing how the market’s correction has hit equity valuations even as underlying crypto holdings remain massive.
Betting on the Bottom
Despite recent weakness, the purchase signals Lubin’s conviction that Ethereum remains undervalued after the October drawdown. Sharplink also continues to generate yield — earning about 5,671 ETH (~$22 million) through staking since June. The firm’s last ETH purchase was in late August when it added 39,000 ETH, reinforcing a dollar-cost averaging approach during volatile market periods. Sharplink even repurchased its own shares last month after they fell below the company’s net asset value, an unusual show of confidence in its balance sheet.
The Bigger Picture
As corporate treasuries become major crypto market participants, Sharplink’s renewed activity highlights a growing trend: companies using traditional financing tools to accumulate digital assets at scale. With Ethereum hovering below $4,000 and markets still in a correction phase, these buys could either prove visionary — or risky — depending on whether the next cycle’s momentum materializes. For now, Lubin’s bet is clear: build exposure while sentiment is low.
