SharpLink Gaming has purchased an additional 77,209 ETH to its reserve, bringing its total to 438,190 ETH. The company spent $279.2 million to make the purchase, which was funded by the sale of shares through its At-the-Market (ATM) program between July 21 and July 25, 2025.
The average price paid for each ETH was $3,756. This latest move raised its ETH total by 21% from the previous week’s total of 360,807 ETH. Since launching its ETH treasury strategy on June 2, Sharplink has also earned 722 ETH in staking rewards, showing steady returns on its holdings
However, despite this purchase, SharpLink’s stock price (SBET) has dropped nearly 8%, trading at $19.08, according to Yahoo Finance. Ethereum, on the other hand, stayed strong, as it held close to $3,800 and rose by about 1% in the same period.
Meanwhile, the company’s ETH concentration climbed to 3.40, up from 3.06 the previous week and a 70% jump since early June. This means SharpLink now owns a bigger share of the ETH among corporate holders, showing its growing dominance in the space.
In the same week, the company issued 10.8 million shares to raise the required funds. This move is part of a fast-paced ETH buying strategy that has drawn comparisons to MicroStrategy’s Bitcoin approach.
Notably, on July 24, 2025, SharpLink appointed former BlackRock executive Joseph Chalom as Co-Chief Executive Officer. Chalom now shares the position with Rob Phythiam. Speaking about his new role, Chalom said, “I joined SharpLink because I see a powerful opportunity to help shape the future of financial infrastructure and decentralized finance.”
Currently, Shaplink faces competition from Bitmine, which has just recently crossed $1 billion in ETH holdings and recently announced a $1 billion share buyback. The upcoming launch of Ether Machine could also shake up the race for ETH dominance.
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