SharpLink Gaming, a Nasdaq-listed company, has significantly expanded its investment in Ethereum by acquiring an additional 12,207 ETH tokens for approximately $30.67 million. The recent transaction was executed at an average price of around $2,513 per token.
This latest purchase comes just days after SharpLink’s substantial investment, in which the company procured approximately 176,270.69 ETH valued at close to $463 million. Following the completion of these acquisitions, SharpLink Gaming’s Ethereum treasury now amounts to a total of 188,478 ETH, positioning the company as the largest publicly traded holder of Ethereum and the second-largest Ethereum holder worldwide.
Joseph Lubin, Chairman of SharpLink Gaming, stated that this move is consistent with the firm’s strategic approach, highlighting their commitment to leveraging transformative technologies for the long-term benefit of their shareholders. Lubin emphasized the company’s belief in Ethereum’s future utility and described the investment decision as reflective of SharpLink’s vision for sustainable value creation.
In conjunction with these purchases, SharpLink reported raising an additional $27.7 million in net proceeds from a recent sale of common stock. The company confirmed that these proceeds will primarily be allocated toward further expanding their Ethereum holdings.
SharpLink’s strategic move is part of a broader institutional trend, with major financial entities and individual investors increasingly accumulating ETH. Recently, asset management giant BlackRock acquired $50 million worth of Ethereum tokens, and another significant individual holder increased their ETH position by $39 million.
Despite this significant institutional accumulation, Ethereum’s market performance has yet to reflect heightened investor interest and continues to lag behind. As of the latest data, ETH is trading at approximately $2,420, representing a decline of about 34% from its recent yearly high.
