SharpLink Gaming, a sports betting platform, has purchased 176,271 Ether for $463 million, making it the top publicly traded ETH holder. The acquisition, funded through private placement and equity sales, saw an average price of $2,626 per coin. Over 95% of the ETH is now staked, contributing to network security. CEO Rob Phythian views this move as a significant step in digital asset adoption, with ETH becoming the primary treasury asset. This strategy, similar to MicroStrategy's Bitcoin approach, marks SharpLink as the first public company to prioritize ETH in its treasury. Despite being the largest public ETH holder, other entities like the Ethereum Foundation and BlackRock hold more. SharpLink's ETH strategy faced volatility, with a share price surge followed by a drop due to a misunderstood SEC filing. The purchase aligns with the trend of corporate crypto treasury adoption, emphasizing Ether as a key asset. Read more AI-generated news on: https://app.chaingpt.org/news
SharpLink Gaming Acquires $463M Worth of Ether, Becomes Largest Public Holder
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