SharpLink Gaming further increased its Ethereum reserves last week, purchasing $252 million in ETH and raising $360.9 million through an in-market stock plan.
The company currently holds 797,704 Ethereum (ETH), valued at approximately $3.7 billion, and has $200 million in cash for further purchases, as announced in the company's update on Tuesday.
Co-CEO Joseph Chalom stated, 'Our execution of the ETH reserve strategy demonstrates the strength of our vision, as the company is committed to creating long-term value for shareholders and supporting the broader Ethereum ecosystem.'
Reports indicate that SharpLink purchased 56,533 ETH last week at an average price of $4,462 each. Since launching the ETH reserve strategy in June, the cumulative staking rewards have reached 1,799 ETH.
Related: High-leverage trader James Wynn opened a 25x long position when ETH hit a new high.
Reserves nearing 800,000 Ethereum.
The company, headquartered in Minneapolis, has further increased its reserves since first disclosing ETH as a core reserve asset in June. Over the past four weeks, SharpLink has increased its holdings from 438,000 to nearly 800,000, becoming one of the largest corporate holders of Ethereum in the world.
The company has also introduced a new metric, 'ETH concentration', which measures the ETH holdings per thousand assumed diluted shares. This value currently exceeds 4.0, having doubled since June.
In addition to advancing the ETH strategy, SharpLink's board approved a $1.5 billion stock buyback plan last week. The plan aims to enhance shareholder value while the company continues to invest capital into its cryptocurrency strategy.
SharpLink's stock closed at $0.96 on Monday, down 6.8% for the day, with a slight rebound in after-hours trading.
Related: After spending $400 million, ETH reserve focuses on stock buybacks, increasing leverage risk.
Tom Lee is optimistic about ETH's bottom, BitMine adds $21 million.
Fundstrat's Tom Lee predicted on Tuesday that Ethereum is about to bottom, and its ETH reserve company BitMine Immersion Technologies has added another $21 million in Ethereum.
Lee posted on X, citing Fundstrat technical strategist Mark Newton's notes, stating that ETH has a 'great risk/reward' around $4,300 and may soon rebound to $5,400.
This forecast was released after BitMine added 4,871 ETH, totaling $21.3 million. Its total holdings now reach 1.72 million ETH, valued at approximately $7.5 billion.
Magazine: Ethereum 'Myth Candle', next target 6K? Coinbase strengthens security: holders' digest.
