Quick Takeaways
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Massive ETH Acquisition: SharpLink Gaming acquired over 91,330 ETH in just one week, bringing its total to 280,706 ETH and surpassing the Ethereum Foundation as the largest corporate ETH holder.
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Bold Financial Strategies: The company raised $413 million through an equity program, allocating $156 million for ETH purchases, showcasing a strong commitment to cryptocurrency investment.
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Stock Surge: Following its ETH accumulation, SharpLink’s stock, SBET, soared by 21.31% during trading and continued to rise by 11.32% in after-hours trading.
- Ethereum Performance: ETH has surged 20.7% in the past week, outperforming Bitcoin and reflecting a robust market recovery, with a notable increase of 28.8% over two weeks.
SharpLink Surpasses Ethereum Foundation as Largest Corporate ETH Holder
SharpLink Gaming (SBET), a publicly traded gaming firm, has achieved a significant milestone. It now holds more Ethereum (ETH) than the Ethereum Foundation. Recently, SharpLink accumulated over 280,000 ETH, valued at nearly $900 million.
Between July 7 and July 13, the company embarked on an aggressive buying campaign. SharpLink purchased 74,656 ETH for about $213 million, averaging $2,852 per token. This acquisition raised its total to 280,706 ETH, surpassing the Ethereum Foundation’s holdings of approximately 196,354 ETH, worth about $617.77 million, according to Arkham data.
In a subsequent move, SharpLink added another 6,377 ETH today, bringing its seven-day total to 91,330 ETH obtained for around $275 million. The majority of these assets are now staked, earning over 415 ETH—a profit of $1.3 million since early June. The company reported a 23% increase in its "ETH Concentration" metric, indicating rising exposure per share.
SharpLink’s strategic decisions have galvanized its financial position. Recently, the firm raised $413 million via its at-the-market (ATM) equity program, using $156 million for ETH acquisitions. The remaining $257 million is reserved for future purchases.
The impact of these actions is noticeable in the market. SharpLink’s stock value soared by 21.31% during regular trading, closing at $28.97. After-hours trading continued the trend, pushing its price up 11.32% to $32.25. In parallel, ETH’s price has climbed to $3,140, reflecting a 5.8% gain within 24 hours and a 20.7% increase over the past week.
This upward momentum positions Ethereum favorably in the cryptocurrency landscape. Over the last two weeks, it rose 28.8% and is only 9.3% down from its value a year ago. Notably, it outperformed Bitcoin (BTC), which experienced a modest 8.3% gain over the same timeframe.
SharpLink’s bold moves highlight the growing importance of digital assets. As corporate interest in cryptocurrency increases, the sector may witness further innovation and investment. The company’s activities not only reflect confidence in ETH but also signal a broader acceptance of cryptocurrency in mainstream finance.
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