SharpLink purchases an additional 601 million USD worth of Ethereum, aiming for 1% of total supply

Ethereum (ETH) treasury company SharpLink Gaming announced the purchase of an additional 143,593 ETH for 601 million USD last week. This is the company's largest purchase this month, bringing the total number of ETH held to 740,460 ETH, valued at over 3 billion USD.

Ambitious Goal

This move reaffirms the determination of #SharpLink to achieve the ambitious goal of accumulating 1% of the total ETH supply, equivalent to over 1.2 million ETH. The company's large-scale buying is one of the main factors driving Ethereum's price to surge recently, almost reaching an all-time high.

Funding and Market Context

SharpLink raised 390 million USD from a direct offering and 146.5 million USD from its ATM base to finance the purchase $ETH .

This purchase occurs amid a correction in Ethereum's price. After nearing 4,700 USD last week, ETH's price has dropped over 10% due to concerns about inflation and geopolitical tensions. However, SharpLink's actions indicate a long-term confidence in Ethereum's potential, despite short-term volatility.

ETH Treasury Race

SharpLink is one of many companies actively accumulating ETH. Along with other “giants” like Bitmine Immersion and EtherMachine, a “ETH treasury race” is underway, showing that institutions increasingly view Ethereum as a strategic asset. This not only reinforces confidence in Ethereum but could also create stable demand, boosting the value of ETH in the future. #anhbacong