SharpLink Gaming Buys 74,656 ETH for $213 Million in One Week

SharpLink Gaming has made a significant move in the cryptocurrency market by acquiring 74,656 Ethereum (ETH) in just one week, valued at approximately $213 million at an average price of $2,852 per ETH. This purchase has propelled the company to the top of the corporate Ethereum holdings leaderboard, with a total of 280,706 ETH as of July 13. The company funded this acquisition through its At-The-Market share issuance program, raising $413 million, with nearly $257 million remaining unallocated, which could potentially be used for further ETH purchases.

SharpLink's strategy goes beyond merely holding ETH; the company has staked nearly all of its Ethereum holdings, with 99.7% of its ETH currently in yield protocols. Since launching its Ethereum treasury strategy on June 2, SharpLink has earned 415 ETH in staking rewards. This approach demonstrates a shift in how corporate entities are beginning to view crypto assets, not just as stores of value but as income-generating tools. From July 7 to July 11 alone, staking activity brought in 94 ETH, highlighting the potential for significant returns through this strategy.

To provide transparency to investors, SharpLink introduced a new metric called “ETH Concentration.” This metric calculates the number of ETH held per 1,000 diluted shares outstanding. Since mid-June, this figure has increased from 2.00 to 2.46 ETH, marking a 23% rise. This metric aims to give a clearer view of the company's crypto strategy in relation to its capital structure, excluding certain adjustments for a more accurate representation.

Investors are closely watching SharpLink's next moves, particularly given the remaining $257 million from its recent raise. This unallocated capital suggests that more ETH buys may be on the horizon, which could further increase the company's share of Ethereum and its staking rewards. With the ETH price hovering near $2,850, SharpLink's aggressive strategy positions it at the forefront of corporate Ethereum holdings, setting a precedent for how other companies might approach their crypto treasury strategies.