SharpLink Gaming Acquires $49M in ETH

SharpLink Gaming, listed on Nasdaq under the ticker SBET, has added 16,374 ETH worth about $48.85 million to its corporate treasury, as reported by Arkham Intelligence. This transaction took place around 1:02 p.m. on Sunday and the ether was acquired from wallet '0xCd9…F5F75', which had made the purchase from Galaxy Digital's OTC market earlier that day. Though SharpLink has yet to officially confirm this purchase, sources from EmberCN indicate that this latest addition brings the company's total holdings to around 270,000 ETH. Additionally, Ember noted that SharpLink acquired 21,487 ETH, valued at $63.7 million, the previous Friday. SharpLink was originally a Minneapolis-based firm specializing in affiliate marketing and iGaming software. The company initiated its Ethereum treasury strategy in late May as part of a $425 million private placement led by crypto infrastructure developer Consensys. Notably, Joseph Lubin, CEO of Consensys and co-founder of Ethereum, now serves as SharpLink's chairman. Beyond merely accumulating ether, SharpLink aims to bolster the long-term stability and decentralization of Ethereum. "We are acquiring, staking, and restaking ETH responsibly, thereby reducing supply in circulation and enhancing the health of the Ethereum ecosystem," Lubin stated last Friday. As for the market reaction, Ethereum's price rose by 1.2% over the past 24 hours, reaching $2,981—its highest level since early February. SharpLink's stock price also surged by 17.15%, closing at $21.65 on Friday, likely influenced by the announcement of its earlier ETH purchase. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a primary investor. The Block operates independently to deliver reliable information about the crypto industry and is not a source for legal or financial advice.