Gaming-turned-Ethereum treasury firm SharpLink now holds close to $2 billion worth of ETH in its coffers, less than two months after its first purchase.

As of Tuesday, August 5, SharpLink announced it holds 521,939 ETH following its latest acquisition of 83,562 Ether, valued at $264.5 million.

The company said it purchased the tokens between July 28 and August 3 at an average price of $3,634. 

At current market prices, the firm’s total Ethereum holdings are valued at approximately $1.91 billion.

SharpLink’s accumulation strategy remains one of the most aggressive and fastest among public firms, with hundreds of thousands of ETH acquired in just under two months.

SharpLink made its first ETH purchase on June 13, acquiring $463 million worth of the asset and immediately becoming one of the largest corporate holders. Since then, it has made a series of large buys backed by private placements and equity sales.

In July, SharpLink raised $413 million through a share issuance, following an earlier $425 million private round in May. 

The capital raised has fueled its treasury strategy, modeled after MicroStrategy’s approach to Bitcoin accumulation. 

Within weeks of its first purchase, SharpLink overtook the Ethereum Foundation in terms of ETH holdings, and currently stands as the second largest corporate holder of Ethereum.

To support its pivot from gaming to Ethereum treasury management, SharpLink restructured its leadership to better support its new vision of owning a noticeable chunk of Ethereum’s total supply. 

On July 25, the company appointed former BlackRock digital assets head Joseph Chalom as co-CEO.

Chalom has previously led strategic initiatives behind the iShares Ethereum Trust and brings two decades of institutional asset management experience. 

Meanwhile, Ethereum co-founder Joseph Lubin chairs the board.

SharpLink’s latest accumulation has narrowed the gap with BitMine Immersion Technologies, the current leader among public ETH holders. 

While BitMine maintains its lead with 833,137 ETH—worth nearly $3 billion—SharpLink’s 521,939 ETH puts it within striking distance.

The difference of just over 311,000 ETH is considerably smaller than it was a few weeks ago, which goes to show that  BitMine surged ahead in late July following a rapid series of acquisitions that saw it increase its ETH holdings by over 200,000 in just 48 hours. 

Its strategy, unlike SharpLink’s steady weekly purchases, has focused on front-loading massive buys to quickly dominate the Ethereum treasury leaderboard.

Company chairman Tom Lee has publicly stated BitMine’s long-term ambition: to eventually control 5% of Ethereum’s circulating supply, a goal that would require over 6 million ETH at current levels.

Both BitMine and SharpLink have framed ETH as a strategic reserve asset. 

While Bitcoin remains the dominant store-of-value asset in the crypto market, it does not provide native staking rewards.

But for firms like SharpLink, staking yields add an income-generating dimension to their treasury strategy. 

By staking its entire ETH position, SharpLink is not only betting on long-term price appreciation but also securing a yield stream that outpaces many traditional financial instruments.

Ethereum’s proof-of-stake network currently offers annualized staking rewards in the 3–5% range. For companies holding hundreds of millions, or billions, in ETH, these rewards can add up quickly.

SharpLink confirmed that all of its Ether is staked, allowing the company to earn rewards from Ethereum’s proof-of-stake network.

To date, it has generated 929 ETH in cumulative staking rewards, worth over $3.3 million.

The firm uses a proprietary ETH-per-share metric, referred to as ETH concentration, to measure the value of Ether held per outstanding share. 

That figure now stands at 3.66, up 83% since the company began accumulating ETH in June.

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