Ethereum Dips, Treasuries Buys: Sharplink Adds 19K Eth, Now Worth $3.5B

What Happened

However, despite this, investors are using the opportunity to stack up their top token for when the market stabilizes, of which SharpLink is one lately, and BitMine recently too.

The funds, raised from an institutional investor, were quickly deployed to expand the company’s Ethereum treasury.

The firm has also accumulated 5,671 ETH in staking rewards since launching its treasury strategy in June 2025. That includes 326 native staking rewards and 132 as-if redeemed LsETH rewards earned in the latest week alone.

Market Context

Ethereum’s price may be struggling, but institutional confidence in the asset has continued to grow.

SharpLink Gaming, one of the world’s largest corporate holders of Ether, reported a sharp increase in its treasury holdings this week, adding over 19,000 ETH amid a broader market downturn.

As of press time, Ethereum was trading at $3,960, down 0.7% over the past 24 hours and 12% over the past month.

SharpLink Doubles Down on ETH After $76M Capital Boost

SharpLink noted that it purchased 19,271 ETH during the week at an average cost of $3,892 per ETH, taking advantage of what it called “attractive market conditions” following a steep sell-off across the crypto market.

The move comes just days after SharpLink completed a $76.5 million capital raise through a registered direct equity offering priced at $17 per share, representing a 12% premium to its closing price on October 15.

He added that the firm’s latest capital raise, conducted at a premium to net asset value, allowed SharpLink to buy ETH at lower market prices, making the purchase “immediately accretive to shareholders.”

Additionally, market analysts suggest that this wave of corporate accumulation, led by firms like SharpLink and BitMine, could lay the groundwork for Ethereum’s next institutional growth phase.

Why It Matters

According to the company’s latest disclosure, SharpLink’s total Ether holdings rose to 859,853 ETH as of October 19, 2025, valued at approximately $3.5 billion when combined with its cash reserves.

The token has been falling as a result of macroeconomics, and President Donald Trump’s tariff war with China has threatened to impose tariffs of up to 155% on Chinese goods starting on November 1.

Details

Last week, BitMine Immersion Technologies purchased 379,271 ETH, worth about $1.5 billion, across several transactions following the crash, raising its total holdings to more than 3 million ETH, or roughly 2.5% of all Ether in circulation.

Still, seasonal trends remain a concern, with CoinGlass data showing that the fourth quarter has historically been Ethereum’s second-weakest performing period on average.

“Our top priority remains creating value for shareholders through disciplined execution and a relentless focus on accretive ETH accumulation,” said Joseph Chalom, SharpLink’s co-CEO.

SharpLink’s updated balance sheet shows the company now holds 601,143 native ETH and an additional 258,710 ETH as if redeemed from LsETH, a liquid staking derivative.

The company’s ETH concentration ratio, a proprietary transparency metric measuring ETH holdings per 1,000 diluted shares, has doubled since June to 4.0, reflecting a growing Ethereum-weighted balance sheet.

SharpLink said it also maintains roughly $36.4 million in cash and equivalents.

95% of Corporate Ethereum Holdings Added This Quarter, Bitwise Data Shows

Data from StrategicEthReserve.xyz shows 69 corporate entities now hold a combined 5.74 million ETH, worth around $23 billion, representing about 4.75% of Ethereum’s total supply.

SharpLink accounts for roughly 0.69% of the total, placing it among the top corporate holders alongside firms such as BitMine Immersion Technologies, Coinbase, and The Ether Machine.

Industry momentum toward Ethereum treasuries has intensified in recent months.

According to Bitwise data, 95% of all Ether held by public companies was purchased within the past quarter, with total holdings now exceeding 4.6 million ETH across corporate balance sheets.