SharpLink Purchases ETH Worth $252M, Raises Holdings to $3.7B

One of the institutions often described as “the MicroStrategy of Ethereum” has once again solidified its position as a top Ethereum holder by making ether (ETH) purchases worth millions of dollars.

The online performance marketing company, SharpLink Gaming, announced on Tuesday that it has increased its ETH holdings to 797,704 ETH. The stash is currently worth roughly $3.7 billion, and the increase comes after purchases executed between August 18 and 24.

SharpLink Expands ETH Bag

According to SharpLink’s announcement, it bought 56,533 ETH the week ending August 24. The purchase cost approximately $252 million, obtained from its at-the-market facility. The company had raised roughly $360.9 million in proceeds from the program. The remaining $200 million is yet to be deployed for additional ETH acquisitions.

During the latest purchase, SharpLink bought the coins for an average price of $4,462. The firm’s staking rewards increased to 1,799 ETH – these earnings have accumulated since it launched its ETH treasury strategy on June 2. The company said its ETH Concentration on a cash-converted basis has surpassed 4.00, representing a 100% increase.

“Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision and the commitment of our team. With nearly 800,000 ETH now in reserve and strong liquidity available for further ETH acquisitions, our focus on building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem remains unwavering,” said Joseph Chalom, SharpLink’s Co-Chief Executive Officer.

A $1.5B Stock Buyback Plan

Since adopting an ETH treasury strategy, SharpLink has consistently made acquisitions to bolster its holdings. About two weeks ago, it announced a $400 million direct offering from five institutional investors to inject capital into its balance sheet and expand its crypto bag. The company is currently one of the world’s largest ETH holders and an advocate of Ethereum adoption.

SharpLink’s bullish stance on Ethereum has positively influenced the company’s stock, SBET. The stock is up 150% year-to-date (YTD) and over 320% in the last six months, according to data from Google Finance. To further support the stock’s growth and long-term potential, the SharpLink Board of Directors recently approved a $1.5 billion buyback plan.

Essentially, the firm intends to spike the SBET buy-side and possibly trigger an increase in demand. This could give the stock’s price a positive push as it returns to levels not seen in decades.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now