Joe Lubin's Sharplink Gaming Resumes ETH Purchases, Bringing Holdings Over $3.5B

SharpLink Gaming (SBET), the Nasdaq-listed digital asset treasury company co-founded by Ethereum's Joseph Lubin, has resumed purchasing Ether (ETH) for the first time since August, acquiring over $75 million worth of tokens. The purchase utilized proceeds from a $76.5 million direct stock offering completed last week, buying 19,271 ETH at an average price of $3,892. This acquisition brings the company's total ETH holdings to 859,853 tokens, valued at approximately $3.5 billion when combined with $36.4 million in cash and equivalents. The move comes as Sharplink's stock has significantly declined, trading far below the net asset value of its crypto reserves, prompting the company to buy back shares last month. The company also earned an additional 5,671 ETH through staking since June.

(Source：CoinDesk)