#MarketPullback Crypto adoption accelerates: companies bet on Ethereum and stablecoins gain ground.
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The sports betting platform SharpLink Gaming has taken a historic step in corporate adoption of digital assets by acquiring 176,271 ETH for a total of 463 million dollars, becoming the publicly traded company with the largest amount of ETH in the world.
As announced this Friday, the company (listed on Nasdaq) financed the purchase through a combination of private placement and stock sales in the market, including 79 million dollars raised since May 30. The average acquisition price was 2,626 dollars per token.
More than 95% of the acquired ETH is already deposited in staking and liquid staking platforms, generating yield and strengthening the security of the Ethereum network. "This is a historic moment for SharpLink and for the adoption of digital assets by public companies," said Rob Phythian, CEO of the firm, who stated that Ethereum thus becomes its main treasury reserve asset.