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SharpLink Gaming Boosts Ethereum Treasury to 188,478 ETH With $30M Purchase
The gaming firm now holds nearly $470 million in ETH and claims to be the largest publicly traded holder of the cryptocurrency.
What to know:
- SharpLink Gaming increased its ether holdings to 188,478 ETH with the acquisition of $30.6 million worth of the token.
- The company funded the purchase by tapping its at-the-market common share sale program.
- There's a growing trend of publicly traded firms attempting to copy the Michael Saylor/Strategy program of pivoting to digital asset treasury strategies.
SharpLink Gaming (SBET), a publicly-listed gaming tech company with a crypto strategy focused on ether {{ETH}}, said Tuesday it increased its treasury holdings of the second-largest cryptocurrency to 188,478 ETH.
The Minneapolis-based firm bought 12,207 ETH for some $30.7 million between June 16 and June 20 at an average price of $2,513 per coin, according to a press release.
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To fund the purchase, SharpLink raised $27.7 million in net proceeds through its at-the-market (ATM) offering, selling over 2.5 million shares.
SharpLink in one of the growing group of public companies that recently pivoted to add cryptocurrencies to their balance sheets, following the playbook of Michael Saylor's bitcoin-focused Strategy (MSTR).
The latest move follows a $450 million fundraising round earlier this month through a private round from a wide range of investors, including ConsenSys, Galaxy and Pantera Capital, to buy ETH. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman. The firm now claims the bragging right of being the largest publicly traded holder of ether globally with some $470 million in ETH at current prices.
Since launching its ETH treasury strategy, the company said it has staked all its crypto stack earning 120 ETH in rewards. The company also reported a nearly 19% increase in ETH per share during that span.
"This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders, alike," Lubin said in a statement.
Read more: SharpLink Acquires $463M in Ether, Shares Remain 66% Lower
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
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