Key Highlights:
- SharpLink Gaming has purchased 176,271 Ether for nearly $463 million, making it the largest ETH holder among publicly traded entities.
- The acquisition was funded by raising $79 million through its at-the-market facility, aimed at enhancing its Ethereum holdings.
- Following the purchase, SharpLink’s shares have dropped 66% in trading, although they still reflect a 500% increase since the announcement of their crypto strategy several weeks ago.
SharpLink Gaming (SBET) has transitioned to a crypto treasury strategy centered on Ethereum, recently disclosing its acquisition of 176,271 Ether (approximately $2,522.36 each) for a total of $463 million. This flight into ETH positions SharpLink as a leading holder in the public market.
The announcement of their Ether acquisition coincided with a 70% drop in share value after a regulatory filing potentially allowed private placement investors to sell their shares. This has led to speculation about the firm potentially using its market facility for a larger crypto acquisition.
SharpLink recently reported raising $450 million through a private investment round to fund its ETH purchase, which involved significant investors like ConsenSys, Galaxy, and Pantera Capital. Notably, Ethereum co-founder Joseph Lubin has joined the company as board chairman.
Despite the stock’s significant drop since its peak rally following the crypto strategy announcement, shares still show a remarkable growth compared to pre-strategy levels.
