SharpLink Gaming continues its aggressive Ethereum acquisition strategy, adding 56,533 ETH worth $252 million last week. The company now holds 797,704 ETH, valued at approximately $3.7 billion, making it one of the largest corporate Ethereum holders globally.
Nearly 800,000 ETH in Corporate Reserves
The Minneapolis-based firm revealed in a Tuesday update that its Ether treasury has grown significantly since June, when it first adopted ETH as its core reserve asset. Over the past four weeks alone, holdings have surged from 438,000 ETH to nearly 800,000 ETH, demonstrating the company’s long-term commitment to Ethereum.
“Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision,” said Co-CEO Joseph Chalom, reaffirming their focus on building shareholder value while supporting the Ethereum ecosystem.
Key Highlights of the Update
- Latest Purchase: 56,533 ETH at an average price of $4,462 per token
- Current ETH Holdings: 797,704 ETH, worth $3.7 billion
- Cash Reserve: $200 million left for additional ETH purchases
- Total Staking Rewards: 1,799 ETH earned since June launch
SharpLink also introduced a new metric called “ETH Concentration,” which measures ETH holdings per 1,000 assumed diluted shares. This figure now exceeds 4.0, more than doubling since June. Additionally, the firm reported staking rewards of 1,799 ETH, boosting its passive income while strengthening its treasury.
Stock Buyback Program Worth $1.5 Billion
In addition to its Ethereum accumulation, SharpLink’s board approved a $1.5 billion stock buyback plan last week. This move is aimed at enhancing shareholder value while continuing to deploy capital into its crypto-focused strategy.
Despite the bullish ETH strategy, SharpLink’s stock price closed at $0.96, down 6.8% on the day, before edging slightly higher in after-hours trading.
Fundstrat’s Tom Lee expressed optimism, stating that Ethereum is near its bottom at current levels. He referenced technical strategist Mark Newton’s analysis, suggesting ETH could rebound toward $5,400 in the near term.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.