Sharplink Gaming has resumed its Ethereum purchases. The company acquired 19,271 ETH worth about $80.4 million, ending a month-long pause in accumulation and confirming its confidence in the asset.
Reserve growth and ranking among holders
After the latest purchase, the total volume of Ethereum in Sharplink’s treasury reached 859,400 coins, or about $3.6 billion at the current rate. This makes the company the second largest corporate holder of Ethereum after BitMine, which holds about 3.24 million ETH ($13.5 billion).
According to analysts at ACY Securities, the fresh purchase is in line with Sharplink’s previous strategy of increasing strategic reserves. Experts believe the company is strengthening its position ahead of possible capital inflows into an Ether ETF or an easing of macroeconomic conditions. They called this move an example of “smart market front-running” considering liquidity cycles.
Macroeconomic risks and market pressure
The purchase took place amid increased investor caution. Market participants continue to assess Donald Trump’s plans to introduce tariffs of up to 155% on Chinese goods starting November 1. This initiative has increased the tendency to exit risky assets and has affected sentiment in the crypto market.
Despite overall optimism at the start of the week, Ethereum gained 7.1% in a day, but overall has risen only 1.1% in the past two weeks. A number of funds, including Sharplink and BitMine, are using the current lull in activity to increase their stakes, expecting a more stable environment at the end of the fourth quarter.
Seasonal factor: weak fourth quarter
According to CoinGlass, the fourth quarter has historically been one of the weakest for Ethereum. The average return during this period is lower than in other quarters, and many traders take this factor into account when forming positions.
Nevertheless, Sharplink is betting on a possible reversal — especially if capital inflows into an Ether ETF begin and the impact of macroeconomic risks weakens.
Financial base and treasury plans
Sharplink’s recent moves show that the company is not only strengthening its reserves but also reinforcing its financial stability. In early October, it conducted a share placement totaling $76.5 million, selling 4.5 million shares at $17 per share — 12% above the closing price on October 15. This is a rare case where a placement in the digital asset sector was carried out at a premium to market and net asset value.
Earlier, in August, Sharplink signed investment agreements worth $400 million with five institutional investors. These funds are aimed at expanding the company’s ability to diversify reserves and develop new investment directions.
Betting on Ethereum and strategic front-running
The combination of recent actions — ETH purchase, share issuance, and capital raising — shows that Sharplink is following a strategy of combining risk management and active market positioning.
If the macro situation stabilizes in the coming months and Ethereum ETFs do start accepting funds, the company could become one of the main beneficiaries of the new growth cycle.
What’s next?
Sharplink is using periods of low activity to strengthen its position in Ethereum. If the expected ETF inflows materialize, the company’s strategy could become a benchmark for other market participants combining treasury management and digital asset investments.
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