SharpLink Gaming, Inc. (Nasdaq: SBET) has expanded its Ethereum holdings once again, purchasing 19,271 ETH worth roughly $80 million.
According to on-chain data tracker Lookchain, the transaction originated from a supposed FalconX hot wallet and was moved into a treasury-linked address controlled by the company.
The move raises the Sharplink’s total Ethereum reserve to about 859,400 ETH, valued at more than $3.56 billion at current prices. This places it as the second-largest known corporate holder of Ethereum, behind BitMine, which holds more than three million ETH.
According to Strategic ETH Reserve data, corporate balance sheets now contain about 5.98 million ETH in total, worth roughly $24.80 billion. This accounts for just under 5% of all circulating Ether.
The accumulation comes after a quiet stretch in October and arrives at a time when Ethereum’s market signals remain mixed. Ethereum has gained about 5% in the past 24 hours and similarly over the last month, according to CoinMarketCap.
Broader sentiment has been affected by macroeconomic uncertainty, including a proposal by the U.S. President Donald Trump to impose steep tariffs on Chinese imports beginning on November 1.
Seasonal patterns may also play a role. Historically, the fourth quarter has been one of Ethereum’s softer periods. Even so, corporate holdings across the sector continue to grow.
How Sharplink financed the expansion
Sharplink has recently strengthened its balance sheet through a series of financing moves. Earlier this month, the firm raised $76.5 million in a direct equity offering, selling 4.5 million shares at $17 each, above its prior closing price of $15.15.
In August, SharpLink also secured $400 million in commitments from institutional investors, increasing its liquidity for future treasury allocations.
SharpLink’s expanding ETH stack has also paid off on paper. Since June 2025, the company has racked up more than $900 million in unrealized gains as the firm expanded and staked its treasury during recent price strength.
