SharpLink Gaming (SBET), a firm listed on Nasdaq committed to a crypto treasury strategy based on ether (ETH), has announced it is now the largest corporate holder of this cryptocurrency. As of the latest update, the company possesses 280,706 ETH, which equates to around $840 million based on current market valuation.
In a recent press release, it was revealed that SharpLink raised $413 million by issuing over 24 million shares from July 7 to July 11. The firm acquired a total of 74,656 ETH over the prior week, paying an average price of $2,852 per ETH.
With approximately $257 million of that fundraising available for future ETH purchases, shares of SBET increased 5% in U.S. trading on Tuesday, even as ETH price decreased slightly to $2,990. The value of SBET shares has escalated nearly six times since the company pivoted toward accumulating ether.
In this move, SharpLink outpaced the Ethereum Foundation, the entity responsible for the development of the Ethereum blockchain, which holds $665 million in ETH.
In notable recent transactions, the foundation sold 10,000 ETH to SharpLink in a private deal.
The shift towards a crypto treasury strategy has become increasingly popular among public companies eager to capitalize on digital assets. Notably, other public companies such as Tom Lee’s Bitmine Immersion Technology and BIT Digital have also adopted similar strategies accordingly.
