Sharplink Gaming has now officially become Ethereum’s largest corporate holder, beyond the Ethereum Foundation.
On July 15, the company announced that it owns 280,706 ETH, which is worth $867 million. The company’s impressive ETH holdings increased significantly between July 7th and July 13th. During this period, Sharplink purchased 74,656 ETH for $213 million, with an average price per coin of $2,852.
The company also announced that 99.7% of ETH holdings are being staked, generating an additional 415 ETH since June 2nd. Since June 13th, the company’s ETH concentration has increased by approximately 23%.
Sharplink Chairman Joseph Lubin emphasized that these holdings represent the dawn of “collective capitalism” that businesses build for their communities, not just profits. He emphasized that the decentralized, unauthorized nature of Ethereum is essential to fostering a free market.
He added:
Collective capitalism is built on the fundamentally free market foundation.
Following the news, the company’s shares rose 20% to $28, according to Google Finance Data.
Ethereum Financial Strategy Gains Truck
Sharplink’s announcement coincides with a broader trend in companies beginning to adopt the Ethereum financial strategy.
Over the past 30 days, around 10 companies, including Sharplink, have purchased over 550,000 ETH, and have purchased a total of $1.65 billion acquisitions.
Some of these entities have previously been Bitcoin miners like Bitmine Immersion Technologies, and have recently shifted their focus to the second largest digital assets.
Milk Road co-owner Kyle Reidhead predicts this trend will continue, with businesses likely to buy up to $2 billion worth of ETH next month and $3 billion the following month.
He also said that stubcoin’s growth and favorable regulations could further drive Ethereum’s demands.
He said:
“In the last 30 days, these finance companies have purchased .5% of their total ETH supply and have moved it to Ethereum’s defi smart contract (via staking or lending). Don’t forget that unlike ETFs, these companies don’t sell.
At the time of reporting, approximately 1,520,715 ETH (valued in excess of $4.5 billion) is trapped in various Ethereum Reserves, belonging to 52 companies. Strategic ETH reserve data shows that these holdings represent 1.31% of the total supply of digital assets.