SharpLink Gaming (Nasdaq: SBET) is proving that corporate treasuries don’t have to be boring, at least not when Joe Lubin, Ethereum’s co-founder, is calling the shots. The Minneapolis-based company announced it scooped up 143,593 ETH last week, nudging its stash over the $3 billion mark. That’s a lot of digital tokens for a firm that only pivoted into crypto strategy this past May. Some treasuries buy bonds. SharpLink buys ether. Different strokes.
To pay for its shopping spree, SharpLink did what most companies do when they want more of something, sold more of itself. The firm raised $537 million during the week ending August 15, including $390 million through a registered direct offering and another $146.5 million via its at-the-market program. With this war chest, it splurged on ETH at an average of $4,648 apiece, roughly 8% above where the market sits now, after a predictable crypto swoon dragged prices below $4,300. Buying high isn’t usually a strategy CFOs boast about, but optimism has always been part of Ethereum’s brand.
By Sunday, SharpLink’s balance sheet showed 740,760 ETH, translating to about $3.18 billion in current value. The tokens aren’t just sitting idle, either. The company stakes them to collect rewards, turning its treasury into something that behaves a little less like a vault and a little more like a savings account with caffeine.
Of course, no one likes being second best. Rival BitMine Immersion Technologies (BMNR) already holds more than 1.5 million ETH, roughly double SharpLink’s count. Think of it as an arms race, but with fewer missiles and more validators. For now, SharpLink trails in the leaderboard, though it still has $84 million in cash waiting to be deployed. Translation: the shopping cart isn’t empty, it’s just parked in the aisle for a moment.
In short, SharpLink has turned the mundane business of capital allocation into a recurring headline. Whether the timing of its purchases looks inspired or a little too eager depends on where ETH’s price wanders next. But if the strategy sounds risky, just remember, traditional finance once thought holding Bitcoin on a balance sheet was reckless too.
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