Gaming company Sharplink records $36 million loss despite increasing ETH holdings. ETH price has fallen more than 6% in the past 30 days, creating great pressure amid the volatility of the cryptocurrency market.
On-chain analyst Ember CN announced on X that Sharplink bought an additional 5,989 ETH worth $14.47 million on June 26. The total ETH holdings now stand at 194,000 coins, worth around $507 million.
Sharplink’s average purchase price was $2,611/ETH, which is lower than the current price of $2,474/ETH. The large amount of ETH accumulated in less than a month after switching to an Ethereum treasury model and completing a $425 million round of funding led by Consensys is truly impressive.
Sharplink isn’t done yet, however. A filing with the SEC last month revealed plans to raise another $1 billion, all of which will be used to accumulate ETH, cementing its position as a powerful corporate crypto treasury.
Since its initial ETH purchase with the raised funds, Sharplink has been steadily increasing its ETH holdings using proceeds from the sale of shares. The company is also staking all of its ETH to optimize yield and receive additional Ether rewards.
Businesses race to build altcoin treasuries
Sharplink's Ethereum accumulation aims to become the largest corporate Ethereum shareholder. With 194,000 ETH, the company has broken through when there are very few organizations with ETH treasuries of this size.
Sharplink is not the first publicly traded company to mine ETH as a treasury asset. In March, BioNexus Gene released its Ethereum Strategy Whitepaper. Bit Digital, a Bitcoin mining company, has also shifted its focus to ETH staking with over 24,000 ETH and 417.6 BTC as of March 31, 2025, and plans to convert Bitcoin to ETH have sent its stock down.
The trend of altcoin treasury is more popular, companies such as Upexi, Sol Strategies, DeFi Development Corp, MemeStrategy choose Solana as a treasury asset, storing and staking SOL. Some businesses target HYPE, XRP, BNB such as Nano Labs plans to buy 1 billion USD BNB, ViVoPower and Webus look to buy XRP, Lion Group Holdings chooses HYPE.
While Bitcoin still dominates corporate strategies, many companies continue to push BTC treasuries. For example, ProCap BTC, a company founded by crypto entrepreneur Anthony Pompliano, is preparing for an IPO as a Bitcoin treasury company while simultaneously accumulating large-scale BTC reserves.
However, the increased risk associated with crypto treasuries is alarming. Borrowing to buy crypto assets has led many experts to believe that this model poses a significant risk of financial imbalance.
Sharplink shares maintain positive trend
Despite the unrealized loss on the ETH treasury, Sharplink shares were not significantly affected. According to Yahoo Finance data, SBET shares closed up 6.42% on June 25, and were up another 4.57% in premarket trading.
The stock is currently trading at $10.28, up 52.98% over the past month and 33.85% year-to-date. Optimism about Ethereum’s recovery is widespread, with investors believing that Sharplink is ahead of the curve in terms of recovery, creating a sustainable long-term growth momentum.
Source: https://tintucbitcoin.com/sharplink-lo-lon-quyet-dan-dau-ethereum/
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