SharpLink Enhances ETH Holdings by Nearly 800K, Secures $361M in Recent Funding
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SharpLink Enhances ETH Holdings by Nearly 800K, Secures $361M in Recent Funding

SharpLink Gaming, headed by Ethereum co-founder Joe Lubin, significantly increases its ether assets and raises substantial capital for future acquisitions.

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SharpLink Gaming (SBET), a Nasdaq-listed firm focused on digital assets, has recently enhanced its balance sheet by acquiring 56,533 ether (ETH), raising its total ETH holdings to nearly 800,000 tokens, valued at approximately $3.6 billion. The firm secured $360.9 million in net proceeds last week through its share issuance program and disclosed that it has around $200 million available for future acquisitions.

What to Know:

  • The average purchase price of the recent ether acquisitions was $4,462 per ETH, occurring between August 18 and August 24.
  • The company reported a staking reward increase to 1,799 ETH since launching its treasury strategy in June.

Despite a general downturn in the crypto market, analysts like Geoff Kendrick from Standard Chartered affirm that Ethereum and related treasuries remain undervalued.

Read more: Ether and ETH Treasury Companies Look Undervalued After Plunge: Standard Chartered

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