SharpLink Gaming has recently augmented its Ethereum treasury by purchasing an additional 19,271 ETH, thereby raising its total holding to 859,853 ETH, which is valued at approximately $3.5 billion following a $76.5 million funding round completed on Friday.
The firm made a statement regarding its acquisition, stating it procured these tokens at an average price of $3,892 per ETH in a press release published on Tuesday.
Since initiating its Ethereum treasury strategy in June, SharpLink has earned a total of 5,671 ETH in staking rewards, translating to roughly $23.25 million based on current prices of about $4,100 per ETH. This staking strategy enables the company to deploy its ETH as validators in Ethereum’s proof-of-stake network, allowing it to generate revenue through yield.
Source: Yahoo Finance
SharpLink was the first publicly traded entity to announce a treasury strategy involving Ether, starting with an initial investment of $425 million on May 27. Over the last six months, their stock price has skyrocketed by more than 450%, according to Yahoo Finance data.
Bitmine Capitalizes on Ethereum Price Drop
Currently, SharpLink ranks as the second-largest Ethereum treasury holder behind Bitmine Immersion Technologies, which commenced its treasury on June 30 with a $250 million private funding. On Monday, Bitmine acquired an additional $250 million in ETH, raising its total assets to roughly 3.24 million tokens, which are worth over $13 billion.
Bitmine now controls 2.74% of the total Ethereum supply and is well on its way to achieving its goal of acquiring 5% of all ETH in circulation. Tom Lee, Chairman of Bitmine, remarked that the current “price dislocation represents an attractive risk/reward.”
In the past two weeks, ETH’s price has dipped roughly 14%, and about 9.6% this month, based on data from CoinGecko.
Owning ETH and other proof-of-stake resources allows companies to stake these assets for passive income, incentivizing them through transaction validation.
The Ether Machine, the third-largest Ethereum treasury, holding 496,710 ETH, began operating on July 21 as a yield-generating fund aimed at institutional investors. Currently, there are 69 Ethereum treasury companies altogether, which collectively boast 5.74 million ETH.
