In a significant move, SharpLink Gaming (SBET), a gaming technology company headquartered in Minneapolis, has escalated its Ethereum holdings up to 188,478 ETH. This increase follows the purchase of approximately 12,207 ETH for nearly $30.7 million, executed between June 16 and June 20 at an average price of $2,513 per coin.

The acquisition has been funded through a share sale program, successfully raising $27.7 million in net proceeds by selling over 2.5 million of its shares.

This strategy aligns with a growing trend among publicly traded firms, taking inspiration from leaders like Michael Saylor to transition towards digital asset treasury strategies. SharpLink aims to capture the emergence of cryptocurrencies in corporate finance.

The company now boasts around $470 million in Ethereum, asserting its position as the largest publicly traded holder of the asset, thanks to recent investments from notable firms including ConsenSys, Galaxy, and Pantera Capital. Furthermore, Joseph Lubin, the co-founder of Ethereum and CEO of ConsenSys, has joined SharpLink’s board as chairman.

“We believe in Ethereum’s potential and are committed to exploring innovations that bring new value to our business and stakeholders,” Lubin stated. This strategy has already begun yielding rewards, with SharpLink reporting around 120 ETH earned from staking its entire crypto portfolio.