SharpLink Gaming’s Ethereum reserves have seen a significant surge, with its unrealized profits nearing $1 billion as the cryptocurrency experienced a rise of approximately 4.5% in the past day.
On Tuesday, the company announced that its unrealized gains from purchasing Ether (ETH) had exceeded $900 million since the start of its accumulation strategy on June 2.
Data from Strategic ETH Reserve indicates that SharpLink possesses 838,730 ETH, valued around $3.93 billion at current market rates, making it one of the most substantial holders of ETH, accounting for 0.69% of its total supply.
“With 839k ETH on our balance sheet and no debt, SharpLink’s in a strong position to keep generating value for stockholders,” the company stated in its announcement.
SharpLink’s Profit
SharpLink Gaming records almost $950 million in unrealized profits. Source: Strategic ETH Reserve
SharpLink Holds Nearly 839,000 ETH
The gains were bolstered by Ether’s recent price climb to $4,700 on Tuesday, almost a 5% increase from Monday’s rates around $4,500.
The company also observed that its concentration of ETH per share has almost doubled since the beginning of the accumulation, enhancing potential earnings for its shareholders.
“This demonstrates the strength of a productive, yield-bearing asset like ETH,” the company emphasized.
Strategic ETH Reserve data illustrates how SharpLink has increased its position through consistent purchases during the summer. Initial purchases totaled 176,300 ETH, followed by multiple buying waves in July and August.
Since September, the ETH holdings have stabilized around the 839,000 mark, but the price surge has increased the overall value of these holdings.
Ether Treasury Companies Control Over 5% of Total Supply
Other companies focused on Ethereum have also been accumulating the cryptocurrency, pushing corporate holdings to over 5.6 million ETH, valued at over $26.5 billion.
BitMine Immersion Tech is leading with 2.83 million ETH, roughly 2.34% of the total supply. Following SharpLink, the next largest holder is The Ether Machine, which has nearly 500,000 ETH, valued above $2.32 billion.
Furthermore, Strategic ETH Reserve data reveals that ETH held by exchange-traded funds (ETFs) has reached 6.83 million ETH, or about 5.63% of total supply, equating to approximately $32 billion.
Overall, reserve companies and ETFs now hold a total of 12.49 million ETH, estimated at $58 billion, representing more than 10.3% of the entire supply. Ethereum remains the second-largest cryptocurrency treasury asset next to Bitcoin (BTC), which has about 4 million coins valued at around $500 billion held in corporate treasuries.
