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SharpLink Gaming, the online gambling marketer helmed by Ethereum co-founder Joe Lubin, said on Tuesday that it spent another $667 million on Ether (ETH) over the past week.
The firm said it scooped up 143,593 ETH at an average price of $4,648 per Ether, totaling $667.4 million. That’s approximately 8% higher than the second-largest crypto’s current price after the crypto market plummeted over the past few days, with ETH dropping to $4,188.36 at press time.
The Ethereum treasury firm held 740,760 ETH as of August 19, according to its latest statement. Those tokens are worth nearly $3.1 billion as of the time of writing, per crypto data provider CoinGecko.
SharpLink has pursued an aggressive Ether treasury strategy since its late May pivot. The Minneapolis-based firm is now the second-largest Ether treasury company in terms of holdings, trailing only Peter Thiel-backed BitMine Immersion Technologies.
SharpLink also announced it has generated 1,388 ETH in staking rewards to date, meaning it has been deploying its ETH holdings to participate as a validator in Ethereum’s proof-of-stake (PoS) network.
“As of Aug. 17, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking,” SharpLink said in the SEC filing.
To fund the latest purchase, SharpLink recently raised $537 million through its At-the-Market facility during the week ending August 17. The firm remains with over $84 million in cash reserves for future ETH acquisitions.
Ether Acquisition Spree: BitMine Leads The Race
SharpLink’s latest acquisition comes amid a corporate ETH treasury boom.
On Monday, Tom Lee’s BitMine announced the purchase of a massive 373,000 ether, pushing its total stack to 1.5 million ETH, worth over $6.6 billion. According to the announcement, the new ETH purchase made BitMine the world’s second-biggest crypto treasury behind only Strategy.
BitMine, SharpLink, and the other publicly listed firms collectively hold several billion dollars worth of Ethereum. And their holdings could eventually account for 10% of all Ether in circulation, according to recent analysis by British multinational bank Standard Chartered.