Sharplink Gaming (SBET), an Ether (ETH) financing company led by Ethereum co-founder Joseph Lubin, has continued its shopping with a total holding of over $1.3 billion.
The company said in a press release Tuesday that it acquired 79,949 ETH last week, with an average price of $3,238. With the latest acquisition, the company holds 360,807 ETH as of July 20th, worth around $1.33 billion at its current price.
The company is still raising $96.6 million in funding by selling shares through capital in the market for more ETH purchases, the company said.
SBET’s stock rose 6% in pre-market trading, even as ETH slipped 2.4% over the past 24 hours.
Sharplink announced its pivot on a cryptocurrency strategy centered around Ethereum in late May, filming a page of the {{{btc}} playbook focusing on Bitcoin, a strategy of Michael Sillorer. Joseph Lubin, CEO of Ethereum developer Consensys, joined the company as chairman.
The company quickly became one of the largest corporate owner ETHs. It is the second largest cryptocurrency by market capitalization, running validators and staking tokens to earn rewards. Last week it announced it would raise its ATM facility to $6 billion by selling shares for the ETH acquisition.
Rubin also praised President Trump’s signature on the Genius Act law, calling the law a fork moment that provides clarity in regulating US blockchain and digital assets
“The Genius Act Now law finally eases regulatory uncertainty surrounding crypto innovation,” Lubin said in a statement. “We believe this guides a more supportive environment for businesses like Sharplink.
Not only operations and growth, but also leverage the full potential of Ethereum, including security, scalability and smart contract utilities, to drive deep and transformative change across the global digital economy. ”
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