SharpLink Gaming Inc. reported a significant increase in its Ether (ETH) holdings and a new capital raise, reinforcing its position among major corporate holders of Ethereum assets. As of October 19, the company’s total ETH balance reached approximately 859,853, up from 840,100 at the beginning of the week.
The Minneapolis-based technology firm said it raised gross proceeds of $76.5 million on October 17, before accounting for placement agent fees and related expenses. The capital raise was followed by the acquisition of 19,271 ETH at an average price of $3,892 per token, according to the company’s latest update.
ETH Treasury Strategy and Weekly Performance
SharpLink said the latest purchases were part of its ongoing treasury strategy aimed at increasing Ethereum exposure through both direct holdings and staking rewards. Since launching the initiative on June 2, 2025, the company’s total staking rewards have climbed to 5,671 ETH, including 2,237 native staking rewards and 3,434 from liquid staking equivalents.
The company reported that ETH concentration, a proprietary metric tracking the ratio of ETH holdings to assumed diluted shares outstanding, rose to 4.0 as of October 19, doubling since June. The increase indicates a higher Ethereum balance relative to its equity base.
SharpLink’s weekly report showed an ending balance of 859,900 ETH, reflecting both acquisitions and staking gains. Average purchase cost for the newly acquired ETH was $3,892. The company’s total holdings are divided between 601,143 native ETH and 258,710 as-if redeemed from liquid staking tokens (LsETH).
Cash Position and Reporting Metrics
In addition to its digital asset holdings, SharpLink reported approximately $36.4 million in cash and equivalents as of October 19. The company’s Assumed Diluted Shares Outstanding stood at 4.5 million, reflecting total shares, warrants, and equity awards that could be converted into common stock.
To enhance transparency in its treasury operations, the company continues to publish its ETH concentration metric, which excludes assumptions related to stock repurchases, vesting conditions, or debt convertibility. SharpLink noted that its concentration ratio is calculated on a fully cash-converted basis, assuming all available capital is deployed into ETH at week-ending prices.
The company said the recent combination of new capital and opportunistic ETH acquisitions supports its balance sheet and ongoing Ethereum accumulation strategy. SharpLink’s next update on its ETH holdings and capital position is expected in its upcoming quarterly financial report.
