A Nasdaq-listed gaming company has made headlines by becoming the biggest holder of Ethereum (ETH) among corporate entities, amassing more than 280,000 ETH, which is now valued at nearly $900 million.
SharpLink Gaming (SBET) solidified its position during an impressive acquisition spree between July 7 and July 13, purchasing 74,656 ETH for approximately $213 million at a weighted average price of $2,852 each. This strategic investment increased its total ETH holdings to 280,706, overshadowing the Ethereum Foundation (EF), which holds 196,354 ETH worth around $617.77 million, as reported by Arkham.
Bold Bet on Ethereum
In addition to its initial investments, the Minneapolis-based firm continued its buying momentum, with blockchain analytics platform Lookonchain indicating that an additional 6,377 ETH was purchased, bringing the total for the week to 91,330 ETH for about $275 million. This investment strategy has shown significant promise, as most of the company’s cryptocurrency is now staked, yielding over 415 ETH, translating to approximately $1.3 million since launching this initiative in early June.
SharpLink has also introduced a new metric known as “ETH Concentration,” which measures total ETH held in relation to its assumed diluted shares outstanding. This metric has increased by 23% from 2.00 to 2.46 ETH per share since mid-June, indicating a growing exposure to ETH for investors.
Between July 7 and July 11, SharpLink raised $413 million in fresh capital through its at-the-market (ATM) equity program, having already deployed $156 million from this fund, with a further $257 million reserved for future acquisitions.
Market Impact
Initially founded as an innovator in iGaming and sports betting, SharpLink’s significant ETH accumulation has paralleled a remarkable surge in its stock price. Recent market data shows SBET surged 21.31% during regular trading hours to close at $28.97, followed by an additional 11.32% increase in after-hours trading, reaching $32.25.
As of this writing, Ethereum is trading at $3,140, reflecting a 5.8% increase within the last 24 hours. Over the week, ETH saw a 20.7% rise, outperforming Bitcoin (BTC), which, despite hitting a new all-time high recently, recorded only an 8.3% gain during the same period. Both cryptocurrencies have notably fared better than the broader market, which saw a 7.5% uptick.
Furthermore, Ethereum’s robust performance is evident over longer periods, jumping 28.8% in two weeks and 22.0% over the past month. It has effectively recovered from earlier year-to-date deficits, currently sitting just 9.3% below its value from a year ago.
The remarkable achievement by SharpLink Gaming illustrates not only its commitment to the cryptocurrency ecosystem but also highlights the growing legitimacy and adoption of Ethereum as a valuable digital asset.
