SharpLink grows ETH treasury while stock continues to tumble

SharpLink bought 143,593 ETH over the last week for an average price of $4,648 per ETH.

Ethereum is becoming an increasingly popular treasury asset. On August 19, SharpLink Gaming reported 143,593 ETH in purchases, according to a filing with the Securities and Exchange Commission. The company purchased the assets between August 10 and August 17, 2025, for $667.4 million, at an average price of $4,648 per ETH.

The firm purchased the ETH at a time when the coin’s price was near its all-time high. Still, despite the price, SharpLink continues to accelerate its purchases. According to the filing, the firm held 740,760 ETH on August 17, which is currently worth about $3.2 billion.

The company also revealed that nearly all of its ETH is staked, including liquid staking. This enables the firm to generate passive rewards and further boost its holdings. So far, SharpLink has already earned 1,388 ETH through staking rewards.

SharpLink stock falls despite ETH purchases

SharpLink continues to aggressively expand its Ethereum holdings. Still, the market doesn’t always reward this strategy. In the past five days, SharpLink’s stock, trading under the SBET ticker, fell 19.85%.

Like most treasury stocks, SharpLink uses a mix of debt and equity financing to accumulate reserves. Effectively, this makes it a leveraged bet on Ethereum, which in turn makes it more volatile than the underlying asset.

In the past five days, Ethereum fell from its multi-year high of $4,788.55 to $4,207.22. This was after the markets pulled back from an ETF-fueled rally. Ethereum’s volatility is likely the reason why SharpLink’s stock fell even more in value.