SharpLink Gaming, a sports betting company listed on Nasdaq, recently bought 10,000 ETH from the Ethereum Foundation for $25.7 million. This buy strengthens SharpLink’s role as a major holder of Ethereum. The deal, completed today, shows that SharpLink is serious about moving into decentralized finance. The company’s chairman, Joseph Lubin, who co-founded Ethereum, is leading this effort.
SharpLink Gaming Invests $25.7M in ETH
SharpLink bought the 10,000 ETH at $2,572.37 each. This brings SharpLink’s total ETH holdings to 215,634, valued at over $558 million. This positions SharpLink as the second-largest corporate holder of ETH, right after the Ethereum Foundation. SharpLink raised $64 million by selling 5.5 million shares, with $37.2 million set aside for more Ethereum purchases.
The company chose Ethereum because of its scalability and security, which fit its long-term goals. Ethereum’s price rose quickly, briefly going over $3,000 earlier. In the 24 hours before that, ETH went up 16%, from $2,759 to $2,981. This price increase shows renewed investor interest, especially with Bitcoin’s surge, which has also helped Ethereum’s growth.
SharpLink’s $25.7 million investment in Ethereum highlights its leadership in using cryptocurrency as a treasury. Guided by Joseph Lubin, SharpLink is focusing on Ethereum’s role in digital business.
Whales See Prospect in Ethereum
Ethereum’s impressive growth has yielded substantial profits for long-term holders, often referred to as “whales.” One notable example is the Ethereum Foundation itself, which has held significant amounts of ETH since its inception and has benefited enormously from its appreciation.
Whales like Grayscale’s Ethereum Trust have profited handsomely, with their holdings increasing significantly in value over time. Just two days ago, GameSquare’s shares surged 58.76%, closing at $1.54 with an extra gain of 6.49%, following the news of a $100 million Ethereum treasury strategy. The Nasdaq-listed company’s board of directors gave the green light for a phased investment of up to $100 million in ETH.
These investors’ ability to hold onto their ETH through market fluctuations has allowed them to capitalize on the crypto’s long-term growth, resulting in substantial profits. BitMine Immersion Technologies and Bit Digital are also turning to Ethereum for their treasury needs. As Ethereum continues to surge, more companies may likely adopt it as a reserve, with SharpLink Gaming already on board.
