SharpLink adds 56,533 ETH in a week, topping $3.6B in Ethereum reserves
Ethereum treasury firm SharpLink continues to accelerate its ETH purchases, accumulating a $3B treasury.
- SharpLink’s Ethereum reserves rose to almost 800,000, valued at $3.6 billion
- Over the last week, the company raised an additional $360.9 million for ETH purchases
- The company still has $200 million in cash reserves for buying ETH
SharpLink continues to aggressively accumulate Ethereum (ETH). On Tuesday, August 26, SharpLink announced an update for the week ending on August 24. During the week, the company raised $360.9 million in net proceeds through its at-the-market share sales. The company also acquired 56,533 ETH in that period, at an average purchase price of $4,462.
What is more, at the end of the week, the company’s ETH holdings rose to 797,704, currently valued at about $3.6 billion. Thanks to these reserves, the company has accumulated 1,799 ETH in staking rewards since it started accumulating Ethereum on June 2.
For now, SharpLink seems to be continuing its aggressive treasury accumulation. The company is planning more Ethereum purchases, and currently has about $200 million in cash reserves for that purpose.
SharpLink ATM sales threaten to dilute shares
So far, SharpLink has funded its ETH treasury by offering the company’s shares through an at-the-market facility. While the operation enabled the company to raise significant capital, it also flooded the market with its shares.
Since the July peak at $37.38, SharpLink’s share price has almost halved, and its stock is currently trading at $19.83. For this reason, the company has recently announced a move to support the share price with buybacks.
Namely, on August 22, the company revealed that its Board of Directors approved allocating up to $1.5 billion in a stock repurchase program. This program will go into effect if the stock starts trading below the net asset value of its ETH holdings, to realign it with fundamentals.
