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15/07/25 12:34 UTC-04

SharpLink becomes the largest corporate holder of Ethereum

SharpLink Gaming Inc. has become the world’s largest corporate holder of Ethereum, increasing its holdings to 280,706 ETH.

The company, whose shares are listed on the Nasdaq exchange, purchased 74,656 ETH between July 7 and 13 at an average price of $2,852, spending approximately $156 million and boosting its total Ethereum assets to around $858 million.

SharpLink funded the purchases using proceeds from a stock sale of nearly $413 million. About $257 million of these funds will also be allocated to further Ethereum acquisitions. According to Yahoo Finance, following this announcement, the company’s shares rose by 10%. SharpLink’s ETH reserves have now surpassed the assets of the Ethereum Foundation, which, according to Arkham, currently holds around 196,354 ETH worth approximately $591 million.

The American marketing and software development company first announced its corporate Ethereum strategy in May, raising $425 million for this purpose. Since then, SharpLink has staked 99.7% of its assets and has already earned 415 altcoins as staking rewards. The company also introduced an “ETH concentration” metric to help investors assess risk. As of July 14, this metric stood at 2.46 ETH per 1,000 projected shares, up 23% from 2.00 ETH a month earlier.

See also: "Bitcoin price today: stability around $118K ahead of U.S. crypto bill vote"

#SharpLink #Buy #Ethereum (ETH)

Editor: Yuliya Soroka
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