SharpLink Gaming spends 780 million USD to buy Ethereum in July

SharpLink Gaming, an Ethereum treasury company, spent 780 million USD to purchase Ethereum in July, bringing its total holdings of $ETH to an impressive 438,200 ETH. A 121% increase over these 4 weeks has made SharpLink one of the largest ETH holders, with a total value of approximately 1.4 billion USD.

Accumulation strategy and staking profits

To fund these massive purchases, #SharpLink issued common stock and raised cash through a private placement. The company is employing a strategy similar to Michael Saylor's Strategy, aiming to increase shareholder value by increasing the amount of Ethereum owned per share.

By leveraging Ethereum's Proof-of-Stake consensus mechanism, SharpLink has generated 722 ETH (approximately 2.8 million USD) from staking since shifting its focus from the sports betting sector. Almost all of the ETH that SharpLink owns is put into staking protocols to earn rewards from transaction validation.

Despite SharpLink's stock price dropping 31% in the past week due to the cooling off of #Ethereum , the stock is still up 100% in the most recent month. The company is also strengthening its ties with the Ethereum ecosystem, having been selected as one of the members of the Linea Alliance, a group that will oversee the distribution of 75% of tokens for Consensys’s layer-2 Linea network.