SharpLink's Ether Bet Surpasses $1.3B After Latest Purchase

SharpLink Gaming (SBET), the ether ($ETH) treasury company led by Ethereum co-founder Joseph Lubin, continued its buying spree bringing total holdings above $1.3 billion.

The firm said in a Tuesday press release that it acquired 79,949 $ETH over the last week at an average price of $3,238, its largest weekly purchase ever. With the latest acquisition, the firm held 360,807 $ETH as of July 20, worth roughly $1.33 billion at current prices.

The company still has $96.6 million of funds raised by selling shares through its at-the-market equity for more $ETH purchases, the company said.

SBET shares were 6% up in premarket trading even as $ETH slipped 2.4% over the past 24 hours.

SharpLink announced a pivot to a crypto treasury strategy centered on Ethereum in late May, taking a page of bitcoin-focused {{BTC}} playbook of Michael Saylor's Strategy. Joseph Lubin, who is also the CEO of Ethereum development firm Consensys, joined the firm as chairman.

The firm has quickly become one of the largest corporate owner $ETH, the second-largest cryptocurrency by market cap, while operating validators and staking the tokens to earn a reward. Last week, it announced to raise the ATM facility to $6 billion to raise more funds by selling shares for $ETH acquisitions.

Lubin also praised the recent signing of the GENIUS Act by President Trump into law, calling the legislation a watershed moment that provides regulatory clarity for blockchain and digital assets in the U.S.

"With the Genius Act now law, the regulatory uncertainty that has surrounded crypto innovation is finally easing," Lubin said in a statement. "We believe this ushers in a more supportive environment for companies like SharpLink to not only
operate and grow, but also to harness the full potential of Ethereum — including its security, scalability and smart contract utility — to drive profound, transformative change across the global digital economy."

Read more: Tom Lee’s Bitmine Aims to Hold 5% of $ETH: ‘Game On,’ Says Lubin, SharpLink's Chairman