SharpLink Gaming Boosts Ethereum Treasury to 188,478 ETH with $30M Purchase, Becoming Largest Publicly Traded Holder of ETH
SharpLink Gaming (SBET), a publicly-listed gaming tech company with a crypto strategy focused on ether (ETH), announced on Tuesday that it has increased its treasury holdings of the second-largest cryptocurrency to 188,478 ETH.
The Minneapolis-based firm purchased 12,207 ETH for approximately $30.7 million between June 16 and June 20 at an average price of $2,513 per coin, according to a press release. To fund the purchase, SharpLink raised $27.7 million in net proceeds through its at-the-market (ATM) offering, selling over 2.5 million shares.
SharpLink is one of the growing group of public companies that have recently pivoted to add cryptocurrencies to their balance sheets, following the playbook of Michael Saylor's bitcoin-focused strategy (MSTR). The latest move follows a $450 million fundraising round earlier this month through a private round from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital, to buy ETH. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman.
The firm now claims the bragging right of being the largest publicly traded holder of ether globally with approximately $470 million in ETH at current prices. Since launching its ETH treasury strategy, the company said it has staked all its crypto stack earning 120 ETH in rewards. The company also reported a nearly 19% increase in ETH per share during that span.
"This move reflects our confidence in Ethereum's utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders, alike," Lubin said in a statement.
As the gaming industry continues to evolve and adopt new technologies, SharpLink Gaming's focus on Ethereum and its commitment to exploring transformative technologies is a step in the right direction. With its recent purchase of 12,207 ETH and its plans to continue exploring new opportunities in the crypto space, SharpLink Gaming is well-positioned to capitalize on the growing demand for blockchain-based solutions.
