SharpLink Increases ETH Holdings to 360,807

SharpLink Gaming, supported by Joseph Lubin, has reported a 29% increase in its Ethereum holdings as more entities seek capital for crypto acquisitions. This brings its total to 360,807 ETH after acquiring 79,949 ETH for an average price of $3,238 between July 14 and July 20. To fund this acquisition, the Minnesota-based company issued 3.8 million shares and raised $96.6 million through its at-the-market program. This funding remains accessible for subsequent purchases. Additionally, SharpLink’s proprietary 'ETH Concentration' metric, which measures shareholder exposure to Ethereum, has risen by 53% since mid-June to 3.06, while staking rewards have accumulated to 567 ETH since the treasury strategy announcement on June 2. SharpLink's stock, SBET, saw a 7% increase before the U.S. market opened, recovering from a 12% drop at the previous day's close. This update follows last week’s announcement of a massive common stock offer, aiming to raise up to $6 billion for further ETH accumulation. Currently, SharpLink is the largest publicly traded Ether holder but faces competition from other entities like The Ether Machine, which plans to list on Nasdaq with approximately 400,000 ETH and $1.6 billion in cash committed, alongside BitMine Immersion, whose holdings also surpassed $1 billion. Joseph Lubin lauded the recent signing of stablecoin laws by President Trump, stating that clearer regulations will enhance institutional adoption and bolster their treasury strategy. He expressed optimism for transformative changes in the digital economy, citing the easing of regulatory uncertainties with the new legislation. Disclaimer: The Block is an independent media outlet providing news and analysis. As of November 2023, Foresight Ventures is a majority investor in The Block and invests in various crypto ventures. For more details, please review our financial disclosures.