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Ether treasury Sharplink buys $62.4M of ETH in 3 days
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- DeepHorus
Ether Treasury Inc., the Nasdaq-listed company formerly known as SharpLink Gaming, has spent $62.4 million on Ethereum over the past three trading days, according to a filing submitted with the U.S. Securities and Exchange Commission on March 12, 2025. The purchases mark the company’s most aggressive accumulation since it abandoned its sports-gaming roots to become a pure-play Ethereum treasury. The filing shows the company bought roughly 16,000 ETH at an average price of $3,900 per token.
The company, which trades under the ticker ETHT after rebranding from SBET in February 2025, first unveiled its Ethereum treasury strategy in January. It raised $75 million through a convertible note offering to fund the purchases. The latest buying spree brings Ether Treasury’s total holdings to approximately 24,500 ETH, worth about $95 million at current prices. That positions it among the largest publicly traded Ethereum holders in the world.
According to the filing, the purchases were executed in three tranches: $18.2 million on Monday, $21.5 million on Tuesday, and $22.7 million on Wednesday. The company said it used over-the-counter trading desks to minimize market impact. It also noted that the ETH will be held in cold storage and may be staked to generate additional yield. No further details on the counterparties were disclosed.
The buying spree is a clear signal that corporate treasury strategies are expanding beyond Bitcoin. While firms like Strategy and Metaplanet have built billion-dollar Bitcoin reserves, Ether Treasury is betting that Ethereum’s smart-contract ecosystem will deliver superior long-term returns. The company has said it views ETH as “programmable money” and a core infrastructure asset. It also plans to participate in Ethereum staking, which currently offers annual yields of around 3%.
Reactions from the crypto investment community have been mixed. “This is a high-conviction bet on Ethereum’s dominance,” said one analyst at K33 Research. “But a single-asset treasury is inherently fragile.” Shares of Ether Treasury jumped 12% following the announcement, while ETH rose 3% to trade near $4,020. Some corporate governance experts, however, have questioned the decision to pivot away from the company’s original gaming business.
The move also raises questions about dilution and risk management. Ether Treasury has funded its purchases largely through convertible notes and equity offerings, which could pressure the stock if ETH prices fall. The company’s market capitalization remains small relative to its ETH holdings, making it a leveraged proxy for Ethereum. That could attract speculative traders but also amplify losses during downturns.
Looking ahead, Ether Treasury has indicated it may continue accumulating ETH, with an internal target of 50,000 tokens by the end of 2025. The company plans to fund future purchases through staking rewards and additional capital raises. If Ethereum’s price continues to climb, Ether Treasury could become a template for other small-cap companies seeking a crypto treasury strategy. For now, all eyes are on whether the company can manage the risks of its all-in Ethereum bet.
