Sharplink Gaming is accelerating its Ethereum strategy with key purchases that bring total holdings closer to a key milestone of 500,000 ETH.
On July 28, blockchain analytics platform LookonChain revealed that the company has acquired 77,210 ETH, worth approximately $295 million. The move marks Sharplink’s total study abroad total of 438,017 ETH, worth around $1.69 billion.
The company has not officially confirmed its latest purchase, but the deal suggests that Sharplink is heading towards its 500,000 ETH target.
Once that threshold is reached, it cements its position as Ethereum’s second largest known corporate holder, following only Bitmine Immersion, which holds approximately 566,800 ETH of $2.21 billion.
Meanwhile, Arkham Intelligence data shows that the newly acquired ETH was betted in 3,200 ETH batches using Figment. The company is a leading provider of institutional staking infrastructure that serves more than 500 institutional customers, including asset managers, exchanges and large token holders.
Early market indications show that Sharplink’s Ethereum-focused strategy appears to resonate with investors.
According to Google Finance data, the company’s stock (SBET) has skyrocketed by more than 120% over the past month. At the time of pre-market trading, the stock price was $23.61, an increase of 7.37% on the day.
Leadership changes
The Ethereum acquisition is the first major move since Sharplink nominated Joseph Chalom as co-CEO on July 25th.
Chalom previously led a digital asset strategy with BlackRock, playing a key role in launching the Buidl fund and Bitcoin and Ethereum ETF.
Sharplink Chairman Joseph Lubin said Chaplain’s appointment shows a deep focus on exposure to the company’s facility-grade crypto. He further stated that Ethereum is entering a new phase. This requires great capital, competent leadership and long-term integrity.
Added Lubin:
“Joseph brings all three. His decision to join Sharplink is a massive vote of confidence that the roles of Ethereum and ETH will play in the future of the capital market, with Stablecoins, ETH Therasurry Companies and Top Tier Talent Tradfi onboarding Defi.”
Charom repeated this vision, saying:
“Our goal (at Sharplink) is not only to retain ETH, but to activate it using native staking, retour and Ethereum-based yield strategies. It’s all about increasing the value of the Treasury and generating long-term shareholder value.”