Sharplink Gaming (SBET), the company specialized in managing Ether (ETH) assets and listed on NASDAQ under the co-founder of Ethereum Joe Lubin, announced a massive purchase deal last week amounting to 143,593 Ether, raising its total investments in the cryptocurrency to over $3 billion at its current market value.
To finance this substantial investment, the company revealed its success in raising $537 million in net proceeds during the week ending August 15. This money came from two main sources: $390 million obtained through a registered direct offering that closed on August 11, while an additional $146.5 million was raised via the market issuance program (ATM).
The company reported that the average purchase price for the Ether it acquired last week was $4,648 per coin. This price is about 8% higher than the current Ether price, which has dropped below the $4,300 threshold due to a wave of selling that hit the cryptocurrency market in recent days.
As a result of these operations, Sharplink's holdings jumped to 740,760 Ether as of last Sunday, with a total value of approximately $3.18 billion.
The company, based in Minneapolis, has been pursuing an aggressive strategy since its shift in late May, focusing on raising funds to buy and accumulate Ether, as well as staking these tokens for additional returns. However, its acquisition pace still lags behind its direct competitor 'Bitmain Immersion Technologies (BMNR)', which surpasses it by owning more than 1.5 million Ether, nearly double.
Despite that, Sharplink still holds over $84 million in cash liquidity, ready to be used for additional Ether purchases in the near future, indicating its continued upward approach to accumulation.
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