SharpLink strengthens ETH bet with additional $30.6M purchase

The Nasdaq-listed SharpLink Gaming is doubling down on its Ethereum treasury strategy with yet another major purchase.

SharpLink Gaming has announced the addition of another 12,207 ETH (ETH) to its growing Ethereum holdings, spending approximately $30.67 million at an average price of $2,513 per token. The purchase follows a much larger buy just over a week earlier, when the firm acquired around 176,270.69 for approximately $463 million.

With the latest acquisition, SharpLink’s total ETH holdings now stand at 188,478, making it the largest publicly traded Ethereum holder in the world and the second-largest holder globally.

SharpLink Chairman Joseph Lubin emphasized the firm’s commitment to growing its ETH treasury, stating that it is part of its approach to creating long-term value. 

“Increasing SharpLink’s ETH holdings underscores our forward-thinking approach to creating long-term value for our stockholders,” he said. “This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders alike.”

The firm also added that it has raised an additional $27.7 million in net proceeds by selling shares of its common stock, and most of the funds will be used to further grow the ETH treasury.

Meanwhile, other institutional giants and whales are also loading up on the asset. Asset manager and ETF issuer BlackRock recently purchased around $50 million worth of ETH, and just a few days ago, one large wallet added another $39 million worth of the asset to its holdings.

Despite the wave of accumulation, Ethereum continues to underperform. At press time, ETH trades at $2,420, down roughly 34% from its highest point this year.