SharpLink accumulates Ethereum: 837.230 ETH in treasury

New all-time high for ETH reserves of SharpLink: 837.230 ETH as of August 31, 2023, with an estimated valuation of approximately $3.79 billion calculated based on the average weekly price ($4,531/ETH) reported in the corporate reporting and market quotes.

The treasury data and weekly flows are reported by the company on its investor relations channel and can be compared with market quotes on CoinGecko and with the official release on SharpLink’s investor site investors.sharplink.com.

In the week ending August 31, the company added 39,008 ETH, earned approximately 500 ETH in staking rewards, and collected $46.6 million from the At-the-Market (ATM) facility, according to corporate communications published that week.

The internal ETH concentration indicator rises to 3.94 for every 1,000 presumed diluted shares. An interesting aspect is the continuity of the purchasing pace, which has remained strong even during the most volatile market phases.

According to the data collected by our editorial team by cross-referencing weekly reports and notes on the investor site, the series of purchases is consistent with the treasury objectives declared by the company.

Market analysts following SharpLink observe how the combination of ATM flows and direct purchases has generated a significant percentage acceleration in the month of August.

Temporal data: the reported values are updated as of August 31, 2023; last check of the investor links conducted on September 2, 2025.

Update as of 08/31/2023: reserves, flows, and cash status

• Total ETH reserves: 837.230 ETH.
• Purchases of the week (August 25–31): 39,008 ETH at an average price of $4,531.
• Cumulative staking rewards: 2.318 ETH since June 2, 2023.
• Net ATM proceeds (week of August 25–31): $46.6 million, as reported in the weekly communication on the company’s investor website.
• Available liquidity: approximately $71.6 million, as indicated on investors.sharplink.com.

August in acceleration: +60% balance from the first to the fourth week

The accumulation rate increased throughout the month. From 521,900 ETH in the week ending August 10 to 837,230 ETH on August 31, there is an increase of 315,330 ETH, approximately +60%.

In this context, the statement on August 24 indicated 797,704 ETH, a figure further increased in the last week from the statement of August 24, 2023, available on the investor site.

It should be noted that the weekly progression shows an image of acceleration concentrated in the middle part of the month. For more insights on the growth of digital assets in the company, also see our article on Ethereum and corporate treasury strategies.

Metric “ETH concentration”: 3.94 per 1,000 diluted shares

The ETH concentration measures how many units of ETH the company holds for every 1,000 assumed diluted shares. It is, in fact, an indicator of the intensity of exposure in cryptocurrencies relative to the share structure.

As of August 31, 2023, the value is 3.94, an increase of over 97% compared to June 2, 2023, according to the calculation based on potential dilution data communicated by the company.

It should be noted that the metric excludes the “treasury” method and considers the full potential dilution of equity instruments, thus offering a prudent reading. For more details on the concept of dilution in cryptocurrencies, refer to our technical guide dilution and cryptocurrencies.

Weekly Summary of August 2023

Below is the operational framework, highlighting purchases, staking, and ATM proceeds. A clear acceleration is noted in the middle weeks of the month, followed by further strengthening at the end of the period. An interesting aspect is the combination between ATM flows and deployments in ETH, which appears quite coordinated.

Impact for Shareholders: Exposure, Dilution, Sensitivity

• Direct exposure to ETH: the treasury is strongly correlated to the price of Ethereum. Every $100 change in the price of ETH impacts the value of the reserves by approximately $83.7 million (837,230 ETH × $100). In this context, short-term sensitivity remains high. For an analysis of Ethereum’s price and its volatility, we recommend reading our in-depth article on Ethereum: price and volatility analysis.
• ATM effect on capital structure: the use of the ATM facility expands the equity base and can compress EPS in the short term, while financing the accumulation of digital assets without further debt. The effective dilution depends on the issuance volume and market conditions at the time of sales; details on sales and proceeds are published in the company’s operating notes.
• Staking yield: the rewards represent an incremental contribution compared to purchases, adding organic growth to the reserves over time. The effect is cumulative and, although limited in the short term, contributes to the total ETH held.

Risks, accounting, and transparency

The volatility of ETH can generate wide swings in the value of the treasury and the income statement, depending on the fair value criteria and accounting policies adopted. Any price declines can result in write-downs and increased volatility of reported earnings.

The company highlights limitations and assumptions in its communications; clarity on valuation methods remains central for investors.

In this context, the frequency of updates and the traceability of flows are significant elements of transparency: to verify communications and operational notes, you can consult the investor section of the company website. See also our report on accounting and risks in cryptocurrencies.

Context and Strategic Reading

The accumulation strategy makes SharpLink a more direct corporate bet on the trajectory of Ethereum.

This is an aggressive approach in treasury management: it maximizes the bullish potential, but also increases sensitivity to market downturns. In this context, the balance between reserve growth, use of the ATM, and risk discipline will be the key observation point in upcoming updates.

An interesting aspect is the company’s ability to modulate the ATM facility based on market liquidity, a topic that will remain in focus in the coming months.