Gaming company, SharpLink, significantly increases its digital assets, surpassing 521,000 Ether, equivalent to approximately $1.9 billion in value.
In a move that underscores its commitment to Ethereum, SharpLink Gaming, Inc. has increased its total Ether holdings to 521,939, making it the second-largest corporate holder of Ether globally, according to the State of the Etherum (SER) report.
The company, led by Co-CEO Joseph Chalom and chairman Joseph Lubin, the co-founder of Ethereum, recently raised funds for its latest Ether acquisition through an ongoing At-the-Market facility. This facility generated $264.5 million through the sale of 13.6 million SharpLink common shares in the past week.
SharpLink has been actively exploring capital formation opportunities to scale its ETH holdings. In the past week alone, the company purchased 83,561 ETH, amounting to approximately $303.7 million, with an average price of $3,634 per ETH.
The ongoing expansion of SharpLink's digital asset portfolio places it at the centre of the corporate crypto treasury conversation. The institution, which pivoted into an Ethereum treasury vehicle with Lubin at the helm following a $425 million private placement by Consensys in May, has been steadfast in its mission to build the largest and most trusted ETH treasury.
To further link shareholder value to Ethereum holdings, SharpLink has introduced a new metric, "ETH Concentration," currently at 3.66. This strategy integrates cryptocurrency into its balance sheets as a hedge against inflation and a store of value.
Despite the significant growth in its Ether holdings, SharpLink's stock is currently trading down 3% at $18.59 as of Tuesday, according to The Block's SBET price page. The company's focus on Ethereum, highlighting its belief in the network's foundational role in decentralized finance, seems to be shaping its future trajectory.
SharpLink's strategy has been well-documented on The Block's price page, providing investors with up-to-date information on the company's stock trading price. The Block also hosts a Telegram community called Blockhead for discussions and updates on the latest happenings in the crypto and blockchain space.
With its strategic approach and unwavering commitment to Ethereum, SharpLink Gaming, Inc. continues to make waves in the corporate crypto treasury world.
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