SharpLink Acquires $177M in Ethereum

SharpLink Gaming (SBET), a Minnesota-based firm specializing in Ethereum treasury management, recently acquired 39,008 Ether in the past week for an average price of around $4,531. This addition increased its total holdings to 837,230 ETH, valued at nearly $3.6 billion as of Tuesday. The purchase was primarily financed by $46.6 million in net proceeds from the company's at-the-market equity program for the week ending on August 31. This means SharpLink spent approximately $177 million on Ether last week, given the average acquisition price. Since launching its Ether-focused treasury strategy on June 2, SharpLink reported earning cumulative staking rewards of 2,318 ETH. The company also highlighted that it has more than $71.6 million in cash available for further investments. Additionally, its internal 'ETH concentration' metric surged to 3.94, reflecting a nearly 97% increase since early June. This metric indicates that for every dollar of cash, there is about four dollars' worth of ETH if all deployable cash were converted into Ether. This latest acquisition keeps SharpLink among the largest public corporate Ether treasuries, aligning with a broader trend observed this summer. According to data from The Block, ETH-focused digital asset treasuries have expanded from approximately $4 billion in early August to over $12 billion by the end of the month, spurred by significant purchases from firms like SharpLink and BitMine. BitMine recently revealed holdings of 1.71 million ETH combined with over $8.8 billion in crypto and cash. On September 2, SBET shares were trading at $17.80, down 3.5% from the previous Friday, while ETH prices dipped nearly 2% to $4,300, amid a sluggish crypto market, as reported by The Block. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures holds a majority stake in The Block and invests in various companies within the crypto sector. Crypto exchange Bitget serves as a core LP for Foresight Ventures, with The Block maintaining its independence in delivering objective and timely information about the crypto industry.