IGaming Giant SharpLink Boosts Ethereum Treasury Stash to $527 Million

SharpLink Gaming, a publicly-listed gaming tech company with a crypto strategy focused on Ethereum, said on Tuesday that it had increased its treasury holdings of the second-largest crypto above 200,000 ETH for the first time.

The Minneapolis-based firm snapped up another 7,689 ETH for some $19.2 million between June 28 and July 4 at an average price of $2,501 per coin, according to a press release.

SharpLink has now increased its total treasury holdings to 205,634 ETH — or approximately $527.4 million, based on the current Ethereum price. ETH is currently trading at $2,627.63, up 3.2% over the past 24 hours. The publicly traded firm still ranks second, after the Ethereum Foundation, the non-profit organization that oversees the blockchain network.

“By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today’s public markets,” SharpLink Chairman of the Board, Ethereum co-founder, and Consensys CEO Joe Lubin stated in a statement.

SharpLink Raises More Money For ETH Buys

SharpLink Gaming also said it sold roughly 5.5 million common stock shares through an at-the-market facility to raise $64 million last week. The company intends to use $37.2 million from the fresh funding to buy more ETH in the coming days.

The company has placed all of its ETH holdings into staking protocols meant to generate yield, resulting in 322 ETH in rewards since kicking off the effort on June 2. SharpLink started buying ETH in May and is one of the newer Nasdaq-listed companies to put crypto on its balance sheet.

To give shareholders an idea of how much of their shares are tied to the cryptocurrency, SharpLink launched a new metric called ETH Concentration. SharpLink said that it estimates the metric by dividing the total ETH held by 1,000 diluted shares outstanding. That metric has grown to 2.37 ETH from 2.00 in three weeks, according to the company.

SharpLink’s SBET shares surged over 25% to close trading at $16.29 on Tuesday after the announcement, the highest since they smashed $37.16 on June 12.