SharpLink Gaming shocks: Acquires 176,000 ETH, surpassing Tesla and becoming the new 'Ethereum mogul'

SharpLink Gaming – a Nasdaq-listed company in the online betting marketing field – has just spent $462 million to purchase 176,000 ETH, averaging $2,600/coin. This move positions SharpLink as the largest holder of ETH among public companies, only behind #EthereumFoundation (540 million USD in ETH).

Notably, over 95% of the ETH has been put into staking and liquid staking to both secure the Ethereum network and generate profits. Protocols like Lido are dominating with total assets reaching $23 billion.

However, this event coincides with an S-3 filing submitted to the SEC, causing investor confusion. Shares of #SharpLink dropped over 70% after hours, from $32.53 to just $10.26. Joe Lubin – co-founder of Ethereum and currently Chairman of the Board at SharpLink – asserts that the filing is merely a standard procedure.

Despite the turbulent stock market, SharpLink continues to maintain its long-term plans: it has raised an additional $79 million through direct stock sales (ATM), and may issue up to $1 billion to continue accumulating ETH.

Investing in crypto always carries high risks. Please conduct thorough research and exercise caution before participating in the market.

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