SharpLink bought 7,689 ETH in one week, buying frantically
SharpLink Gaming increased its commitment to Ethereum by purchasing 7,689 ETH from June 28 to July 4 at an average price of $2,501, raising its total ETH holdings to 205,634 ETH.
This buyback was funded through a $64 million raise via an At-The-Market facility, with more ETH purchases possibly happening in the future.
Advertisement
SharpLink has staked all its ETH since June 2 and has earned 322 ETH in rewards. At the same time, the company launched the “ETH Concentration Index” to help investors better understand its Ethereum holdings.
SharpLink shares (SBET) are rated “Underperform” due to weak fundamentals and declining revenue.
However, the strategy of focusing on Ethereum-based gaming could bring long-term growth potential.
SharpLink, headquartered in Minneapolis, aims to become a leading public company in the crypto gaming sector, integrating smart contracts and Web3 technology into sports betting.