The US-listed company SharpLink Gaming (SBET) has doubled down on its cryptocurrency strategy and has once again become the focus of the market. The company announced on Tuesday that it currently holds 280,706 Ethereum, worth approximately $840 million, making it the company with the largest Ethereum holdings in the world.
The announcement stated that SharpLink Gaming successfully raised $413 million by issuing over 24 million shares from July 7 to 11, and purchased 74,656 Ethereum at an average price of $2,852.
SharpLink Gaming stated that approximately $257 million remains for future continuous investment in Ethereum. Motivated by the news, SharpLink Gaming's stock price surged over 21% on Tuesday, closing at $28.97.
SharpLink Gaming's recent large-scale increase in Ethereum holdings has officially surpassed the Ethereum Foundation, becoming the largest corporate holder of Ethereum. Notably, the foundation had just sold 10,000 Ethereum to SharpLink Gaming through an over-the-counter (OTC) transaction.
According to on-chain data analysis platform Arkham Intelligence, the Ethereum Foundation currently holds Ethereum worth $665 million.
SharpLink was originally a performance marketing and iGaming technology company based in Minnesota, USA, until it officially launched its Ethereum asset allocation strategy after completing a $425 million private placement led by Consensys at the end of May this year.
Consensys is a well-known Ethereum infrastructure developer, and founder Joseph Lubin is also a co-founder of Ethereum. He has now taken over as the chairman of SharpLink's board.
Additionally, since initiating its Ethereum financial strategy on June 2, SharpLink Gaming has accumulated 415 Ethereum through staking, valued at approximately $1.2 million.
"Holding 280,000 ETH, surpassing the Ethereum Foundation! SharpLink becomes the largest corporate holder of Ethereum" was first published on (Blockke).
