$ETH

SharpLink's Bold Ethereum Acquisition Amid Market Decline

The ongoing crypto market downturn has caused panic among holders, yet SharpLink, a sports betting firm, remains steadfast, purchasing 176,271 ETH tokens on June 13 for $462.95 million. This acquisition makes SharpLink the largest publicly traded ETH holder globally. The firm has chosen ETH as its primary treasury reserve asset, aligning with its goals for a treasury strategy. Despite the significant buy, Ethereum's price continues to decline, resulting in approximately $20 million in losses for SharpLink. Market observers question the timing of this investment, as ETH trades at $2,513, below the acquisition price.