SharpLink, a company with a growing focus on Ethereum, has continued with its aggressive ETH accumulation, according to an Aug. 26 statement.

The firm said it acquired 56,533 ETH at an average cost of $4,462, using $360.9 million raised through its at-the-market issuance program during the week ending Aug. 24.

These purchases lifted SharpLink’s total holdings to 797,704 ETH, which has a market value of nearly $3.7 billion. SharpLink is the second-largest corporate holder of Ethereum, behind only Thomas Lee’s BitMine.

Since launching its treasury initiative in June, SharpLink has earned 1,799 ETH in staking rewards and has roughly $200 million in cash for future acquisitions.

SharpLink’s co-CEO Joseph Chalom described the purchases as evidence of SharpLink’s discipline in executing its Ethereum-focused vision, emphasizing that the company remains committed to building shareholder value while supporting the growth of the wider network.

Following the news, SharpLink shares rose 3.31% to approximately $20 as of press time, according to Google Finance data.

Inducement plan

SharpLink has filed with the US Securities and Exchange Commission (SEC) to register 3 million additional shares tied to its inducement award plan.

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Author: Oluwapelumi Adejumo