According to a press release, SharpLink Gaming has expanded its leadership as the largest holder of ETH with a new acquisition. In the past seven days, the company acquired the impressive amount of 79,949 ETH for 258 million dollars, at an average purchase price of 3,238 dollars per coin.
This acquisition is SharpLink Gaming's largest weekly purchase and raises its holdings to 360,807 ETH, an increase of 29% compared to the previous week. Currently, the company's concentration of ETH has increased to 3.06, and the press release confirms that staking rewards have risen to 567 ETH since June 2.
The purchase announcement comes as ETH reached a six-month high of over $3,800, but SBET shares failed to match the market's optimism. As of this edition's closing, TradingView data indicates that SBET has dropped nearly 1% after showing signs of a rebound during the pre-market opening.
“The continued strength of ETH and our ability to acquire a significant volume at opportunistic prices support our goal of further enhancing ETH concentration and shareholder value through the disciplined execution of our treasury growth strategies,” said SharpLink Gaming's president, Joseph Lubin.