SharpLink boosts Ethereum holdings to $2.69B, aiming for 1% of total supply as institutional investment accelerates.
Nearly $900M raised in one week shows investor confidence in SharpLink’s aggressive ETH treasury expansion strategy.
SharpLink ranks second in corporate ETH holdings, trailing BitMine’s $5B stake, signaling rising institutional adoption.
SharpLink Gaming has intensified its Ethereum buying spree, pushing corporate holdings to a $2.69 billion. The Minneapolis-based sports betting marketing firm, now pivoted to an Ether treasury strategy, recently purchased 5,226 ETH at an average price near $4,623.
This acquisition comes after a $400 million deal with five global institutional investors, designed to expand its crypto reserves. The firm’s strategy aims to secure 1% of Ethereum’s circulating supply, targeting over 1.2 million ETH.
Aggressive Expansion Fueled by Investor Confidence
Ethereum prices have surged 7.59% in the past 24 hours, now trading at $4,623, according to CoinMarketCap. SharpLink currently holds 604,026 ETH, making it the second-largest corporate Ethereum holder behind BitMine Immersion Technologies. BitMine’s holdings exceed 1.15 million ETH, valued at almost $5 billion.
The $400 million share purchase deal, priced at $21.76 per share, closed Tuesday after being announced on Monday. This follows SharpLink’s $200 million deal with four unnamed institutional investors last Thursday and a $264.5 million at-the-market raise earlier in August. Consequently, the company has amassed nearly $900 million in just a week.
Market Position and Long-Term Ambitions
Strong investor trust is shown in the quick influx of funds, according to Joseph Chalom, co-CEO of SharpLink. He pointed out that the size of the investments shows how Ethereum's revolutionary potential in international banking is becoming increasingly recognized. Additionally, SharpLink still has $200 million in unutilized money from previous offers, which allows it to make more acquisitions.
The company began its Ethereum accumulation in May 2024, a move led by Chairman Joseph Lubin, Ethereum’s co-founder. Since then, SharpLink has executed an aggressive acquisition strategy, positioning itself as a major player in corporate crypto treasuries.
Besides SharpLink, other public companies like EtherMachine and Bit Digital have adopted similar strategies, collectively holding billions in ETH. This corporate trend highlights increasing institutional adoption of Ethereum as both an investment asset and a strategic treasury reserve.
Vitalik Buterin and other industry experts have cautioned against using excessive leverage in these treasury tactics. SharpLink's momentum is still growing in spite of these worries. The company's goal of obtaining 1% of Ethereum's supply may have a big impact on institutional sentiment and market liquidity.
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