SharpLink now holds over $3 billion worth of Ethereum after it announced adding to its stash today, as the competition among Ethereum Treasury firms intensifies.
SharpLink Gaming, a betting firm-turned-Ethereum treasury firm, took to X on Tuesday to reveal its new Ethereum acquisition. Specifically, it announced that it bought 143,593 ETH, worth $667 million, in the week ending on August 17.
New Addition to Ethereum Holdings Takes Value Beyond $3B
Notably, SharpLink disclosed it acquired the 143,593 ETH at an average price of $4,648, bringing its total holding to 740,760 ETH. At the current market price, the bag has now surpassed $3 billion, specifically worth $3.19 billion.
This further solidifies its place as the second-largest public company holding Ethereum. The firm sits below Tom Lee’s Bitmine, which has amassed a staggering 1.5 million ETH ($6.55 billion) in a few months.
SharpLink adopted Ethereum as a primary treasury asset in May, with its initial $425 million private placement. The company, chaired by Ethereum co-founder Joseph Lubin, applied to the US Securities and Exchange Commission (SEC) on May 30 to issue securities worth $1 billion and has raised additional funds through debt instruments to buy more Ethereum since then.
Over $84M in Cash: More Ethereum Acquisition Incoming
The Nasdaq-listed firm revealed that it holds over $84 million in cash on hand, a fiat stack it plans to use to acquire more Ethereum. Notably, it generated the funds through its “at-the-market” and direct offering to institutions.
SharpLink announced raising $537 million through these public and private share offerings last week to fund its recent acquisitions. It amassed $146.5 million via ATM and $390 million from direct offerings, which ended on August 11.
Meanwhile, SharpLink has earned 1,388 ETH from its staking activities since June 2. The firm took to staking to earn passively from its Ethereum holding and hence, increase its ETH per share. It also disclosed an Ether Concentration of 3.87, up 94% since June 2.
Growing Corporate Demand for Ethereum
Meanwhile, SharpLink is one of the many companies currently acquiring Ethereum massively. Its approach mirrors that of Michael Saylor’s Strategy playbook for Bitcoin, but for the second-largest cryptocurrency by market cap.
Besides SharpLink and Bitmine, other firms such as the Ether Machine, Bit Digital, and BTCS Inc. have also joined the Ethereum acquisition party, raising billions of dollars to stack the altcoin king. Currently, 69 firms hold 4.1 million ETH (3.39% of the Ethereum supply) worth $17.63 billion.
Moreover, these incessant purchases have coincided with Ethereum’s resurgence. Ether has rallied over 14% in the past month, reaching a high of $4,795 last week before retracing to its current price of $4,270.
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