SharpLink Gaming took a big leap forward by increasing its Ether holdings to 205,634 ETH during its latest buying round. It has therefore committed the entire Ethereum amount to staking, bolstering its push towards blockchain-led financial operations.
From June 28 until July 4, SharpLink Gaming bought a new 7,689 ETH that cost more than $19 million at an average rate. On average, the company bought about $2,501 per Ether, increasing its total Ether holdings to a market valuation of more than $533 million.
SharpLink indicated that it has earned approximately 322 ETH worth of staking rewards since June 2, which converts to approximately $848,750 based on the current price. Such income reflects its growing engagement in Ethereum’s proof-of-stake process and its endeavor to maximize digital assets.
The sports betting firm’s share price reacted right away when the word got out, jumping 28.6% on Tuesday to close trading at $16.29 per share. After hours, SharpLink shares continued their ascent, climbing yet another 4.36% to $17 during extended hours of trading.
SharpLink raises $64M for future ethereum
Earlier, on 25 June, SharpLink publicly disclosed that it had already purchased 188,000 ETH, which had lifted its shares by 7%. This week, it also indicated that it had sold 5.4 million shares to yield $64 million, which will also give more funds towards future purchases of Ether.
Additionally, SharpLink also introduced a new indicator, “ETH Concentration,” to keep track of Ethereum’s weight in their treasury relative to their entire equity. This new transparency indicator reflects that the company will continue to stay in sync with shareholder interest and exposure to the blockchain.
Earlier this May 30, SharpLink hinted at plans for selling up to $1 billion worth of shares, directing proceeds towards buying Ether almost exclusively. This comes just a few days after announcing a shift towards Ethereum as its treasury strategy’s core on May 27.
Chairman Joseph Lubin, who also co-founded Ethereum, guided SharpLink through this key turnaround, dedicated to organizing ETH development. He confirmed that the strategy has produced stable performance and signals the company’s commitment to clear operations.
While most businesses are holding Bitcoin in their treasuries, there’s SharpLink that’s all in for Ethereum’s ecosystem. Such a focus on staking and asset concentration speaks of a bold and resolute path towards Ethereum-driven treasuries.
