SharpLink Gaming expanded its Ethereum reserves again last week, acquiring $252 million worth of ETH and raising $360.9 million through its in-house trading (ATM) equity program.
According to the latest report released by the company on Tuesday, SharpLink currently holds 797,704 ETH, valued at approximately $3.7 billion, and retains $200 million in cash for further purchases.
Co-CEO Joseph Chalom noted, "Our strict execution of SharpLink's ETH reserve strategy continues to demonstrate the strength of our vision." He added that the company is committed to "creating long-term value for shareholders while supporting the broader Ethereum ecosystem."
The report states that SharpLink purchased 56,533 ETH last week at an average price of $4,462 per coin. The company also reported that since launching its ETH reserve strategy in June, the total staking rewards have climbed to 1,799 ETH.
The Minneapolis-based company has been expanding its capital reserves since it first announced ETH as its core reserve asset in June. Over the past four weeks, SharpLink has increased its holdings from 438,000 ETH to nearly 800,000 ETH, making it one of the largest corporate holders of Ethereum globally.
The company also introduced a new metric called "ETH Concentration," which measures the amount of ETH held per 1,000 shares of assumed diluted outstanding shares. This figure has now exceeded 4.0, more than doubling since June.
In parallel with its ETH strategy, SharpLink's board approved a $1.5 billion stock buyback plan last week. This plan aims to enhance shareholder value while the company continues to invest in its cryptocurrency strategy.
SharpLink's stock closed at $0.96 on Monday, down 6.8% for the day, but slightly rebounded in after-hours trading.
Fundstrat's Tom Lee predicted on Tuesday that ETH will soon hit a bottom, while his ETH reserve company BitMine Immersion Technologies purchased an additional $21 million worth of ETH.
Lee referenced the views of Fundstrat technical strategist Mark Newton in a post on the X platform. Newton had stated that ETH shows a "good risk-reward ratio" around $4,300 and could soon rebound to the $5,400 level.
At the time of this prediction, BitMine increased its holdings by 4,871 ETH, valued at $21.3 million. This purchase brought its total holdings to 1.72 million ETH, worth approximately $7.5 billion.
Related: Spot Bitcoin (BTC) ETF ends six-day net outflow trend, achieving a net inflow of $219 million.
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