SharpLink Gaming has purchased an additional $462 million worth of Ethereum (ETH).
The Nasdaq-listed company now holds more ETH than any other company in the world.
The money for the massive purchase was raised via private investment in public equity (PIPE) and an at-the-market (ATM) offering that was conducted between May 30 and June 12.
Notably, over 95% of the company's Ether holdings are being staked.
As reported by U.Today, SharpLink Gaming became the very first Nasdaq-listed company to adopt ETH as its treasury reserve asset.
It secured financial backing from such major names as Consensys, Pantera Capital, Consensys and Electric Capital.
On Thursday, its shares plunged sharply lower after an S-3 registration that indicated significant potential share dilution in the future. Consensys CEO Joseph Lubin took to X earlier today to clarify that there would be no immediate selling to calm the market.
Shares of SharpLink Gaming are still down by as much as 67% at press time. The company's market cap has now shrunk to $648 million.
Analyst Adam Cochran has opined that the company is a "cautious buy" at the current level.
"Not a heavy bet, because we still need to see how the management works out and their plans on managing/issuing debt, but, the premium isn’t that much compared to some of the potential benefits," he said.
In the meantime, several other companies are now turning to Ethereum rival XRP. Singapore-based Trident recently announced its plan to set up a $500 million treasury reserve with the Ripple-linked cryptocurrency.
