Joe Lubin’s SharpLink Gaming Doubles Down on ETH, Now Holds $3.2B

SharpLink Gaming, the Nasdaq-listed company co-founded by Ethereum’s Joe Lubin, is intensifying its ETH treasury strategy.

Last week, it acquired 143,593 ETH at an average price of $4,648 per token.

SharpLink Continues ETH Accumulation

This latest acquisition brought the company’s total Ether holdings to 740,760 ETH, which is approximately worth around $3.2 billion, which is a 94% increase in Ether concentration since June 2. To fund these purchases, SharpLink raised $537 million through a combination of a $390 million registered direct offering and $146.5 million via its at-the-market issuance program, which left the firm with more than $84 million in cash ready for future deployments.

Beyond accumulation, SharpLink has been actively staking its holdings and has generated 1,388 ETH in rewards since its staking program began.SharpLink’s pace of acquisition, while notable, still trails larger rivals such as BitMine Immersion Technologies, which recently surpassed 1.5 million ETH. The latter’s strategy is a blend of institutional ETH accumulation and staking yield generation.

The latest development comes as more corporations are integrating digital assets like Bitcoin and Ethereum into their treasuries.

Nasdaq Healthcare Firm’s First Bitcoin Bet

Like SharpLink, KindlyMD is pursuing an institutional-grade treasury strategy, though focusing on Bitcoin rather than Ether. The Nasdaq-listed firm announced its first Bitcoin acquisition after its merger with Nakamoto Holdings, acquiring 5,743.91 BTC through its subsidiary, with the help of PIPE proceeds.

Following the latest acquisition, KindlyMD has increased its total Bitcoin holdings to 5,764.91 BTC, purchased at a weighted average price of $118,204.88 per coin for roughly $679 million. Going forward, the healthcare company aims to accumulate one million BTC. CEO and Chairman David Bailey commented

“This acquisition reinforces our conviction in Bitcoin as the ultimate reserve asset for corporations and institutions alike. Our long-term mission of accumulating one million Bitcoin reflects our belief that Bitcoin will anchor the next era of global finance, and we are committed to building the most trusted and transparent vehicle to achieve that future.”