Joe Lubin's SharpLink Acquires 83,561 ETH!

SharpLink Gaming, a Nasdaq-listed company focusing on affiliate marketing and gaming software, has recently acquired 83,561 ETH for about $304 million. This acquisition occurred between July 28 and August 3, at an average cost of $3,634 per ether, as disclosed in an 8-K filing with the SEC. Onchain analysts have struggled to track the influx of funds into SharpLink's wallets, with their estimates falling short of the confirmed total of 521,939 ETH as of August 3. This amount is valued at more than $1.9 billion and represents a 19% increase from the week prior, which saw 438,190 ETH in holdings. The funds for this acquisition were sourced from SharpLink's ongoing at-the-market facility, raising an additional $264.5 million from selling 13.6 million shares from July 28 to August 1, on top of $279.2 million raised the previous week. Ranking second among 66 Ethereum treasury entities, SharpLink is behind only Tom Lee's BitMine, which now controls over 833,000 ETH worth $3 billion as per its latest update. The Ether Machines follows with 345,362 ETH valued at $1.2 billion. Since launching its treasury strategy on June 2, SharpLink has also earned 929 ETH ($3.4 million) in staking rewards, with all of its ether staked, boosting its 'ETH Concentration' to 3.66, an overall increase of 83% and 7.6% week-over-week. Joseph Chalom, co-CEO of SharpLink, affirmed the company's dedication to generating lasting shareholder value by developing the largest and most reputable ETH treasury firm. They are exploring diverse capital formation opportunities designed to enhance their ETH holdings and 'ETH Concentration' further while aligning with Ethereum's pivotal role in decentralized finance. Joe Lubin, Ethereum’s co-founder and CEO of Consensys, serves as the chairman of SharpLink, which recently secured a $425 million private placement with Consensys in June. As of now, SharpLink's stock has dipped by 3% to $18.59 according to The Block's SBET price page.