SharpLink Boosts Crypto Holdings with $73M ETH Buy

In a move to become one of the crypto industry’s biggest players, SharpLink Gaming, the largest publicly traded firm to utilize ethereum (ETH) as its principal treasury reserve asset, has continued its ETH buying spree through Coinbase Prime.

According to data from on-chain analytics platform Arkham Intelligence, the company purchased an additional 24,371 ETH, over $72.381 million at the current market price. The latest purchase comes a day after the Nasdaq-listed firm acquired 16,373 ETH, valued at approximately $49 million. The acquisition was made through Galaxy Digital’s over-the-counter (OTC) desk. 

SharpLink’s ETH Buying Spree  

Following the recent transaction, SharpLink Gaming now has a total holding of 294,000 ETH, equivalent to over $873 million at the current market price. The firm purchased the assets at an average price of $2,695 per coin, with an unrealized gain of approximately $91.83 million. 

Additionally, the company’s stock responded remarkably, with its shares increasing by 10% to trade at $23.88. This shows investors’ confidence in SharpLink’s strategic movement. It also highlights their commitment to incorporating Blockchain technology into the firm’s revenue framework. 

Like several other companies, such as Strategy and Metaplanet, SharpLink began acquiring ETH in June. Since the announcement, the firm has relentlessly acquired the altcoin, increasing its ETH stash. At the time of writing, ETH was changing hands at $2,977, representing a 2.52% decline.

Growing Interest in Asset Treasury

Nasdaq-listed company GameSquare, known for its contribution in the gaming and digital media space, also announced it has purchased $5 million worth of ETH as part of its treasury plan. The acquisition marked the first move for the company as it embarks on a $100 million Ethereum-based treasury. 

CoinTab reported that it plans to utilize crypto and blockchain technology to explore innovative capital management solutions. The company has roughly 1,818.84 ETH, bought at an average price of $2,749 per coin. 

Meanwhile, as the crypto space expands, other altcoins like SOL have also seen a wide range of adoption. Recently, crypto mining company Bit Mining revealed plans to raise $300 million for a Solana-based treasury. 

As part of the acquisition, the mining firm will use proceeds from its stock to purchase the digital asset. The move further aims to strengthen its treasury reserves through capital deployment and incremental acquisitions. 

This highlights the growing need to establish crypto reserves, not only with major assets like bitcoin (BTC) and ether. As of now, SOL trades at $ 159.70, representing a 4.26% decrease over the last 24 hours.

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