Fast Facts
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Major ETH Acquisition: SharpLink Gaming purchased 60,582 ETH worth approximately $180 million in the days leading up to July 14, solidifying its status as the largest publicly traded ETH treasury holder with a total of 270,000 ETH.
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Stock Surge: Following the announcement, SharpLink’s stock (SBET) rose by over 17%, reflecting positive market sentiment towards the company’s strategic ETH investments.
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Consistent Growth: The firm’s ETH holdings increased from an initial 176,271 ETH, with recent purchases including 16,374 ETH for $49.03 million on July 14, partly funded by a $79 million ATM equity program.
- Yield Generation: All ETH held by SharpLink is utilized in staking protocols, generating yields that have contributed to a total of approximately 322 tokens earned since the program’s inception.
SharpLink Loads Up on $180M Worth of ETH in 5 Days
SharpLink Gaming recently made headlines by buying 60,582 ETH, valued at approximately $180 million, within just five days. The purchases, which occurred before July 14, represent a significant investment in the cryptocurrency sector.
Consequently, the company’s stock saw a positive reaction. SharpLink’s shares surged more than 17% in value over 24 hours, reflecting investor confidence in the firm’s strategy.
On July 14, SharpLink added 16,374 ETH, costing around $49 million, according to blockchain analytics platform Lookonchain. This purchase boosted the company’s total ETH reserve to 270,000, positioning it as the largest publicly traded ETH treasury holder.
SharpLink steadily built its ETH reserve over the past two months. Initially, the firm acquired 176,271 ETH by mid-June, partially funded through a $79 million equity program. Later in June, it purchased an additional 7,689 ETH for about $19.2 million. In early July, SharpLink acquired 10,000 ETH from the Ethereum Foundation, spending $25.7 million.
Chairman Joseph Lubin commented on the significance of the Ethereum network, stating, “At a time when Ethereum is entering a new era of institutional relevance, we are proud to support the network’s long-term strength and decentralization mission.”
The ETH held by the company is primarily used in staking protocols, which serve to generate on-chain yields. Between late June and early July, SharpLink earned approximately 100 ETH through these staking rewards, totaling 322 tokens since the program’s inception.
Additionally, the company measures its performance using a metric called ETH concentration, reflecting the amount of ETH held per 1,000 diluted shares. This figure has risen from 2.00 to 2.37 ETH in three weeks, marking a 19% increase.
SharpLink’s stock, traded as SBET on NASDAQ, closed at $21.65 on July 14. Investors watch this trend closely as more companies pivot their treasury strategies toward Ethereum. Firms like GameSquare and Bitmine are also shifting resources into ETH, with plans for considerable stockpiles aimed at pursuing high returns.
As the cryptocurrency landscape evolves, SharpLink’s strategic moves highlight a growing trend in technology development, where established firms recognize the potential of digital currencies to enhance their financial portfolios. This shift indicates a robust interest in blockchain technologies and their applications in various sectors.
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