SharpLink Gaming, traded on the Nasdaq (ticker: SBET), acquired an additional 16,374 ETH on Sunday, as reported by Arkham Intelligence.
At 13:02 UTC, approximately $48.85 million worth of Ether was transferred to one of SharpLink's wallets. These funds came from the address '0xCd9…F5F75', which, according to Arkham, had acquired this amount of ETH on the OTC market earlier that same day.
Although SharpLink has not officially commented on the recent transaction, according to the analytical platform EmberCN, after this acquisition, the total amount of unofficially registered assets of the company reached approximately 270,000 ETH. Ember also noted that on Friday evening, SharpLink purchased 21,487 ETH worth $63.7 million, also citing data from Arkham.
The company has not yet provided The Block with comments regarding the recent purchase and the total amount of its cryptocurrency assets.
Originally specializing in affiliate marketing and software solutions for the iGaming industry, SharpLink began to radically change its strategy. At the end of May, it launched a large-scale treasury formation program based on Ethereum as part of a $425 million private placement. The project is being implemented in collaboration with Consensys — a crypto infrastructure developer co-founded by Ethereum's Joseph Lubin. Lubin himself has taken the position of chairman of SharpLink's board.
The company emphasizes that its strategy is not limited to passive asset storage. SharpLink stakes Ether and reinvests the income, strengthening the Ethereum infrastructure. 'SharpLink acquires, stakes, and redeploys ETH, acting as a responsible custodian of the industry, removing funds from circulation and strengthening the Ethereum ecosystem,' said Joseph Lubin on Friday.
According to The Block's price tracker, the ETH price has risen by 1.2% in the last 24 hours to $2981 — the highest since early February. SharpLink's shares closed on Friday up 17.15% to $21.65, likely related to the announcement of the purchase of 10,000 ETH on the same day.
