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- SharpLink Gaming grows Ethereum reserves to 859,853 ETH, worth $3.5 billion, following a $76.5 million raise.
- Ethereum staking rewards yield $23 million, with 5,671 ETH generating passive income for SharpLink.
- Bitmine and SharpLink lead Ethereum treasury holdings, signaling increasing institutional interest in Ethereum as an asset.
SharpLink Gaming has grown its Ethereum (ETH) reserves to 859,853 ETH, worth approximately $3.5 billion, after receiving a $76.5 million capital raise. The company purchased 19,271 ETH at an average price of $3,892 per token, according to a press release. This is a large-scale increase in its treasury and investment in the potential of Ethereum.
SharpLink has received 5,671 ETH in staking rewards since it started its Ethereum treasury strategy in June. These rewards have a value of $23 million at current prices of $4,000 per ETH. Staking will enable SharpLink to confirm transactions on the Ethereum proof-of-stake network by receiving passive income on its ETH holdings.
Source: Yahoo Finance
SharpLink’s Ethereum Move Sparks 450% Stock Surge
SharpLink became the first publicly traded company to adopt an Ethereum-focused treasury. On May 27, the firm disclosed its intention to raise $425 million in a private investment in public equity (PIPE). Since that time, the share price of SharpLink has soared more than 450%, with investors demonstrating high levels of confidence in their strategy.
SharpLink is currently the second-largest Ethereum treasury holder, after Bitmine Immersion Technologies, due to its increased Ethereum holdings. Bitmine recently bought another $250 million in ETH after initially investing $250 million in its Ethereum treasury in June. This makes its total ETH holdings of $3.24 million worth more than $13 billion equivalents and 2.74% of the total ETH supply.
Also Read: Ethena Labs Set for Major Expansion as It Gears Up to Launch Two New Crypto Products
Ether Machine Joins the Ethereum Treasury Race
The plan of Bitmine is to own 5% of the total ETH. Even though Ethereum has fallen in price in recent years, with 14% falling in the last two weeks, Bitmine is still optimistic about its value in the long term, as per CoinGecko data at the time of writing. The present market conditions have been viewed by the company as a chance to increase its holdings at good prices.
The third-largest Ethereum treasury, Ether Machine, was started in July with an opening of 496,710 ETH. The firm is targeting institutional investors with a yield-enabled Ether fund. According to the data provided by Strategicethreserve.xyz, there are 69 Ethereum treasury companies that have a total of 5.74 million ETH in their possession.
Source: Strategicethreserve.xyz
The rising Ethereum holdings of SharpLink, as well as the approaches of Bitmine and Ether Machine, can be seen as an indicator of the rising popularity of Ethereum as a store of value and yield-generating asset. As Ethereum has the potential to grow over the long term, additional businesses are also pursuing treasury strategies in order to hedge against returns in the future.
Also Read: Ripple Backs Evernorth in $1 Billion Plan to Boost Institutional XRP Adoption
