SharpLink Becomes Largest Corporate Ether Holder

SharpLink Gaming Inc. (SBET) has announced that it is now the world’s largest corporate ether holder, increasing its treasury to 280,706 ETH. The Nasdaq-listed company purchased 74,656 ETH from July 7 to July 13 at an average price of $2,852, totaling approximately $156 million. As of Tuesday, based on market prices near $3,000, this brings its total holdings to a value of around $858 million. This surpasses the Ethereum Foundation, which holds about 196,354 ETH worth approximately $591 million, according to Arkham Data. SharpLink also acquired an additional 10,000 ETH directly from the Ethereum Foundation last week. The purchases were financed through an at-the-market share-sale program that raised about $413 million between July 7 and July 11. SharpLink reported that approximately $257 million from this offering is still available for future ether acquisitions. Following the announcement, SBET shares skyrocketed by 10%, according to Yahoo Finance. In May, SharpLink first revealed its strategy to accumulate Ethereum, raising $425 million through a private placement led by Consensys. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, has been appointed as chairman of SharpLink. Since adopting ether as its primary treasury asset, SharpLink has staked 99.7% of its holdings and earned 415 ETH in rewards, including 94 ETH generated last week. The company has introduced an “ETH concentration” metric, providing insights into its exposure. This metric stood at 2.46 ETH per 1,000 diluted shares as of July 13, marking a 23% increase from 2.00 ETH a month prior. SharpLink is part of a growing list of companies accumulating ETH using ATM share sale strategies. Firms like BitMine Immersion and Bit Digital aim to become the largest publicly traded holders of ETH worldwide. *Disclaimer: The Block is an independent media outlet providing news and data. Since November 2023, Foresight Ventures has been a majority investor in The Block, which operates independently.*