SharpLink Gaming Increases Ethereum Holdings Despite Stagnant ETH Price

SharpLink Gaming, the largest publicly traded holder of Ethereum, has strategically increased its Ethereum holdings to 188,478 ETH, which is currently worth around $460 million. It acquired an additional 12,207 ETH for $30.6 million between June 16 and 20. The firm funded the purchase by raising $27.7 million through its at-the-market offering, selling over 2.5 million shares.

SharpLink stated that all of its Ethereum holdings have been staked, generating 120 ETH rewards or roughly $293,000 since launching its ETH-focused treasury strategy on June 2. Despite the increased Ethereum holdings, the price of ETH has struggled to regain its resistance level at $2,500, lingering around $2,440. The lack of upward price movement has led some analysts to refer to Ethereum as a stablecoin.