SharpLink Gaming expands crypto treasury to 188,478 ETH in second ether acquisition
The Minnesota-based affiliate marketing firm SharpLink Gaming (ticker SBET) commenced its second ether purchase period between June 16 and June 20 to acquire 12,207 ETH for about $30.7 million, averaging $2,513 per ETH, according to a Tuesday release.
The move builds upon SharpLink's 176,270.69 ETH purchase totaling $463 million on June 13, bringing the firm's total ETH holdings to 188,478 ETH as it aims to become the largest corporate ether holder. SharpLink still appears to be the second-largest ether holder behind the Ethereum Foundation's 213,072 ETH position, according to Arkham data.
Beyond buying ETH, SharpLink secured $27.7 million in net proceeds from selling 2,547,180 company shares through its at-the-market facility, which the firm plans to reinvest into ETH purchases between June 16-20. The firm also placed 100% of its ETH holdings into "staking solutions" and netted 120 ETH (valued at $293,811 as of writing) since June 2, the release continues.
"Increasing SharpLink’s ETH holdings underscores our forward-thinking approach to creating long-term value for our stockholders," said Joseph Lubin, co-founder of the crypto infrastructure firm Consensys and chairman of SharpLink's board of directors, in a statement. "As digital assets like ETH increasingly shape the future of finance and technology, we’re positioning SharpLink at the intersection of blockchain advancement and next-generation iGaming engagement. This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders, alike."
Consensys led SharpLink's $425 million private placement on June 2 to help the firm acquire ETH and enter the network's staking, decentralized finance (DeFi), and other protocol activities, The Block previously reported. Lubin also joined SharpLink's board as chairman following this private placement.
Ether is the second-largest cryptocurrency behind Bitcoin based on its market capitalization of $296.4 billion. ETH traded at $2,448.43, with the token's price increasing 6.57% in the past 24 hours, according to The Block's Ethereum Price Page as of 2:23 p.m. ET (18:23 UTC). Ether brought in $21.8 billion in trading volume within the past day.
SBET trades at $9.94 as of writing, up 9.6% on the day according to Nasdaq stock exchange data.
The Block reached out to SharpLink Gaming for additional comment.
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