SharpLink Gaming discloses holding 205,634 ETH in second-largest treasury behind Ethereum Foundation
Quick Take SharpLink Gaming disclosed 205,634 ETH, worth around $527.4 million, as of July 4. Between June 28 and July 4, SharpLink purchased 7,689 ETH, valued at $19.7 million as of writing, for about $2,501 per token.
Affiliate marketing company and ether treasury firm SharpLink Gaming disclosed 205,634 ETH holdings, worth around $527.4 million, as of July 4.
While bolstering its treasury above 200,000 ETH for the first time, SharpLink's treasury still comes second to the Ethereum Foundation, the independent organization overseeing the Layer 1 blockchain network Ethereum, according to data from DeFiLlama.
Between June 28 and July 4, SharpLink purchased 7,689 ETH, valued at $19.7 million at the time of publication, for about $2,501 per token. During the same period, the firm sold nearly 5.5 million common stock shares through an at-the-market facility to raise $64 million in net proceeds. SharpLink plans to use $37.2 million from its fresh financing to purchase more ETH, according to a company release.
The firm also amassed 322 ETH (around $826,000) from staking rewards since beginning its ether-focused treasury strategy on June 2.
"Our sustained success is a direct result of SharpLink's disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency," said SharpLink Chairman and Consensys CEO Joseph Lubin in a statement. "By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today’s public markets."
Ether traded at around $2,565 as of publication, bringing in $15.4 billion in trading volume in the past 24 hours.
Headquartered in Minneapolis, SharpLink Gaming partners with online sportsbooks and casinos for affiliate marketing initiatives. In early June, the firm pivoted toward aggressively building out an ETH treasury after securing a $425 million private placement led by crypto infrastructure firm Consensys. Lubin , also the co-founder of Ethereum, joined SharpLink Gaming as the chairman of its board of directors around the same time, The Block previously reported.
SharpLink Gaming common stock traded at $15.12 as of writing, Nasdaq stock exchange data shows, with the price per share increasing nearly 20% in Tuesday's session. The company maintains a $926 million market cap.
SharpLink joins DeFi Development Corporation, Upexi, and other publicly traded firms in building out altcoin-focused crypto treasuries this year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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