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- SharpLink Gaming has acquired 176,270 ETH, worth $463 million, becoming the largest public ETH holder after the Ethereum Foundation.
- Over 95% of its ETH holdings are already used in staking and liquidity mechanisms.
- This bold strategy is part of a wider plan to adopt Ethereum as a core treasury asset.
SharpLink Gaming, a Nasdaq-listed company based in Minneapolis, has made a bold move in the world of digital assets. The firm has purchased more than 176,000 ether (ETH), spending nearly $463 million.
This transaction positions SharpLink as the largest holder of Ethereum among publicly traded companies, only surpassed by the Ethereum Foundation. The purchase was funded through a combination of earlier capital raises.
In May, the company completed a private investment deal. It then raised an additional $79 million through its at-the-market equity program. A large portion of those proceeds went directly into ETH purchases. The company paid an average of $2,626 per ether.
SharpLink Stakes Over 95% of Its Ethereum
SharpLink isn’t just passively holding ETH. Over 95% of its Ethereum holdings are actively deployed in staking and liquid staking services. In this case, the ETH is aiding in securing the Ethereum network as well as yielding additional returns.
These staking mechanisms are in line with Ethereum’s proof-of-stake ecosystem, which rewards transaction validators with incentives. This goes beyond a mere economic gambit.
SharpLink views ETH as the foundational layer for future digital infrastructures and decentralized commerce. By choosing ETH as its primary reserve asset, the company is indicating confidence in Ethereum’s future prominence in international finance and technology.
Impacts on Investors and the Market
SharpLink’s ETH-centric treasury policy distinguishes the company on the public market map. It represents a new approach on how listed companies might opt to hold and utilize digital assets. The company is not holding ETH as a hedge or looking to capitalize on short-term price movements. Rather, it views Ethereum as programmable capital with significant potential for utility and appreciation.
This acquisition is already changing share value. More recent figures show that ETH-per-share value has increased by almost 12% since the beginning of June. This is indicative of the market’s favorable response. Such Ethereum treasury strategies could set a precedent for other businesses to consider. SharpLink also operates in the sports betting and gaming marketing.
Its direct and affiliate networks generate substantial traffic. Now, with its new ETH position, the company is integrating traditional online gaming with a forward-looking digital asset approach. As public companies look to strategically diversify their corporate treasuries, especially with stablecoins and other regulatory frameworks for digital assets developing, this could pave the way for a new category. SharpLink is positioning itself at the fore of that wave.
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