Sharplink Gaming (SBET), the betting company cited in the stock market, announced today on June 11th an agreement with the Ethereum Foundation to acquire 10,000 ether (ETH) and Ethereum cryptocurrency for $25 million.
The transaction raises its holdings to 215,957 ETH, worth $641 million. Integrate Sharplink as the second company with this largest accumulation of cryptocurrencyonly behind the Ethereum Foundation, which has an ETH of 242,487 and is worth $720 million.
The acquisition strengthens Sharplink’s strategy of integrating ETH into the Ministry of Finance. It has been driving stock prices significantly, and now contributes to $21. Since the announcement of our strategy, the price of SBET stock has risen considerably. There has been a collapse caused by communication errors, but SBET continues to be bullish.
Sharplink President Joseph Lubin emphasized that he is Ethereum’s co-founder and executive director of Consensys. This purchase reflects our long-term commitment to the Ethereum ecosystem. «It’s not a exchange, it’s a commitment to our vision. We are re-betting the supply of circulation and winning ETH to strengthen our network,” Lubin said.
Furthermore, the company looks at other organizations’ models in this strategy that are trying to align with the principles of decentralization and economic empowerment of the Ethereum protocol. The institutional adoption of ETH has acquired land between businesses seeking to diversify the Ministry of Finance, as reported by encryption.
One reason for creating an Etheric Treasury is that it can generate added value through staking. This is a process that blocks cryptocurrency to verify transactions, contributes to network security, and provides at least 2% annual performance on ETH.
Meanwhile, the Ethereum ecosystem includes a Decentralized Finance Protocol (DEFI), which enables opportunities such as loans and liquidity delivery, and generates additional yields.
This Sharplink strategy focuses on ETH, but rivals other companies such as BTCS Inc. and strategies using Bitcoin.
At this rate, Sharplink has overcome the Ethereum Foundation and has been able to become an organization with more ETH at the Treasury by the end of the year, marking a milestone in the institutional adoption of cryptocurrency.