SharpLink Gaming, which is a Nasdaq-listed company, transferred 16,374 Ethereum on Sunday, distributing about $48.85 million, according to Arkham Intelligence. The transaction was made through a wallet related to the OTC desk of Galaxy Digital, even though the transfer was not officially confirmed by SharpLink.
This is following Friday’s purchase in which Sharplink made an acquisition of 21,487 ETH for $63.7 million, significantly broadening its crypto portfolio. Its buying spree is attracting Sharplink’s attention from investors as well as mainstream and digital finance analysts.
SharpLink’s shares closed on Friday at $21.65, a 17.5 percent daily gain and 71 percent week-on-week growth. The trading volume increased even further on Sunday when, as Blue ATS data shows, the stock added another 7.16 percent to complete the day at $23.20.
Prices for Ethereum also surged higher, rising three percent in the last 24 hours, and are trading at about $3,052 in the open market. Such price changes reflect positive momentum both in the asset and in the purchasing firm.
SharpLink commits to long-term Ethereum strategy.
Established in Minneapolis, SharpLink initially was a marketing firm for sporting events and gambling until it got into the blockchain arena. Consensys largely facilitated a $425 million private investment, after which the company realigned its strategy in late May, targeting Ethereum exclusively.
The investment brought in Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, as chairman of SharpLink. The firm, under Lubin’s leadership, follows a long-term Ethereum treasury strategy, which entails purchasing, staking, and restaking ETH.
Such an approach is not about making quick profits but is rather about building long-term value by strengthening the Ethereum ecosystem. Lubin’s guidance helped position SharpLink as a responsible participant in the decentralized finance ecosystem.
Sharplink’s Strategic Ethereum Reserve data verifies the fact that Sharplink currently possesses 216,000 ETH valued at an estimated $648 million. With that, Sharplink is the second-largest Ethereum holder after the Ethereum Foundation, passing other well-recognized institutions such as Coinbase and Bit Digital.
Against this background of growth, Ethereum lags behind Bitcoin in popularity as a reserve asset, at least among companies. However, SharpLink’s move would reflect an eventual shift in sentiment among institutions in favor of Ethereum as a long-term store of value.
