Sharplink Gaming Buys $80M in Ethereum for Treasury After Month-Long Break

**Sharplink Gaming Acquires 19,271 ETH Worth $80 Million, Solidifying Position as Second-Largest Corporate Ethereum Holder**

Sharplink Gaming has resumed its Ethereum accumulation strategy after a month-long pause, purchasing 19,271 ETH tokens valued at approximately $80 million on Monday. This latest acquisition brings Sharplink’s total Ethereum holdings to 859,400 tokens, currently valued at around $3.6 billion.

With this significant purchase, Sharplink moves firmly into the position of the second-largest corporate Ethereum holder. Only BitMine surpasses them, holding roughly 3.24 million ETH, worth about $13.5 billion.

**Strategic Timing Amid Market Recovery**

Analysts from ACY Securities highlighted the timing of Sharplink’s purchase, suggesting that the company could be positioning itself ahead of potential Ethereum ETF inflows or anticipating improved economic conditions. Despite broader market pressures—such as President Donald Trump’s announcement of tariffs up to 155% on Chinese goods starting November 1—Ethereum showed resilience, gaining 7.1% on the day of Sharplink’s acquisition. However, the token’s price had risen only 1.1% over the preceding two weeks.

**Funding and Recent Capital Raises**

Sharplink partially financed the purchase through recent capital raises. Earlier this month, the company raised $76.5 million via an equity offering that sold 4.5 million common shares at $17 each. This price reflected a 12% premium over the closing market price of $15.15 on October 15.

Additionally, in August, Sharplink secured agreements totaling $400 million with five institutional investors, bolstering its treasury and supporting growth initiatives. The company has also announced plans to tokenize its Nasdaq-listed SBET shares on the Ethereum blockchain in partnership with Superstate, signaling a deeper integration with Ethereum technology beyond mere asset holding.

**Corporate Ethereum Holdings and Market Overview**

According to the Strategic ETH Reserve data, corporate treasuries collectively hold 5.98 million ETH, representing nearly 4.94% of Ethereum’s total supply.

Following Sharplink’s announcement, Ethereum was trading near $4,240, approaching a key resistance zone at $4,250. Market data from CoinGlass indicates that the fourth quarter is traditionally Ethereum’s second-weakest period, prompting traders to closely monitor seasonal patterns for the remainder of the year.

After bouncing off support around $3,750 earlier in October, bullish investors are now eyeing a potential rise toward the October high of $4,734.

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Sharplink Gaming’s renewed commitment to Ethereum and strategic capital initiatives reflect growing corporate confidence in the blockchain ecosystem amid ongoing market fluctuations.
https://coincentral.com/sharplink-gaming-buys-80m-in-ethereum-for-treasury-after-month-long-break/