SharpLink Gaming Increases ETH Holdings to 800,000 and Raises $361 Million

SharpLink Gaming (SBET) has increased its ether (ETH) holdings by 56,533 to nearly 800,000 ETH, valued at approximately $3.6 billion. The purchases occurred from August 18 to August 24, averaging $4,462 per ETH. Staking rewards have reached 1,799 ETH since the treasury strategy's launch in June.

The firm raised $360.9 million in net proceeds through its share issuance program and has about $200 million available for further ETH acquisitions. SBET shares rose by 1.1% in early trading.

Ether treasury firms have acquired 2.6% of ETH's supply recently, contributing to a price increase. BitMine Immersion Technologies is leading with nearly 1.7 million ETH accumulated, followed by SharpLink.

Despite a pullback in crypto prices, SharpLink has approved a $1.5 billion stock buyback program if the stock value falls below net asset value. Standard Chartered's Geoff Kendrick indicated that ether and ETH-focused treasury firms are undervalued and set a year-end price target of $7,500 for ETH.