SharpLink Gaming has reached a total of 449,276 ETH by purchasing Ethereum (ETH) for 43 million dollars and has a massive ETH treasury worth 1.73 billion dollars.
The US-based gaming and technology company SharpLink Gaming (SBET) continues to make headlines with its substantial purchases in the crypto market. The company made a new purchase of 43.09 million dollars (11,259 ETH) through Galaxy Digital at a time when institutional ETH purchases are gaining momentum. The purchase was made using the OTC (over-the-counter) method, with an average price recorded at 3,828 dollars.
Another massive purchase of 295 million dollars (77,210 ETH) that SharpLink Gaming made earlier this week had raised the company's total Ethereum holdings to around 438,000. With the latest addition, the company's total ETH amount has risen to approximately 449,276 ETH, while its market value has reached about 1.73 billion dollars. Following this move, the company's shares gained about 3% in pre-market trading.
SharpLink Gaming's move comes at a time when institutional Ethereum investments are gaining significant momentum. According to data from The Block, the total value of ETH treasuries held by 64 different institutions currently exceeds 10 billion dollars. Among these, one notable company, The Ether Machine, recently purchased 15,000 ETH for approximately 57 million dollars, surpassing the Ethereum Foundation.
Commenting on institutional crypto adoption, VeChain executive Johnny Garcia emphasized that this buying race is existentially important for some companies and that even short-term market movements will not be able to halt this trend. According to Garcia, macro developments and factors such as interest-inflation balance will only increase companies' interest in cryptocurrencies.