SharpLink added 143,593 Ethereum (ETH) last week with a large-scale purchase, increasing its total holdings to 740,760 ETH.
Crypto investment and gaming technology company SharpLink (SBET) continues its Ethereum accumulation strategy without slowing down. According to data shared by Wu Blockchain, the company added ETH worth $667 million in its latest purchase, executed at an average price of $4,648. Thus, SharpLink's total Ethereum holdings reached 740,760, while the company also has over $84 million in cash on hand.
As part of its Ethereum strategy launched on June 2, the company has reportedly earned 1,388 ETH in staking rewards to date. SharpLink also raised $537 million last week. These funds are being used for both purchasing new ETH from the market and obtaining long-term staking returns.
Institutional accumulation in Ethereum is increasing.
SharpLink's Ethereum position corresponds to approximately 0.6% of the total supply. This ratio indicates that the company has become a serious institutional player in the crypto market. As competition among companies accumulating Ethereum heats up, SharpLink's rapidly growing treasury has begun to be compared to the strategies of giants like BitMine.
Experts suggest that such large institutional purchases could have a positive long-term impact on the price of Ethereum. However, the company's aggressive growth moves also indicate that investors have a high appetite for risk.