SharpLink Gaming, a Nasdaq-listed company (ticker: SBET), added a staggering 16,374 ETH, valued at approximately $49 million, to its corporate treasury on Sunday, reports suggest. These details were furnished by Arkham Intelligence, a data analytics firm.
Around 1:02 p.m. on Sunday, a transaction worth $48.85 million in ETH was noted moving into SharpLink’s wallet. The origin of these funds was traced back to wallet “0xCd9…F5F75,” which had procured the sum from Galaxy Digital’s over-the-counter market earlier the same day.
Despite no official confirmation from SharpLink regarding this acquisition, EmberCN reported that this latest transaction has increased the company’s unofficial total ETH holdings to a whopping 270,000. EmberCN earlier reported that SharpLink bought 21,487 ETH ($63.7 million) on Friday evening, referring to data from Arkham.
SharpLink, originally a Minneapolis-based affiliate-marketing and iGaming software company, initiated its Ethereum treasury strategy in late May. This move coincided with a significant private placement of $425 million led by Consensys, a leading crypto infrastructure developer. Joseph Lubin, the CEO of Consensys and co-founder of Ethereum, subsequently took the chairmanship at SharpLink.
SharpLink is not only accumulating the world’s second-largest cryptocurrency but is also committed to supporting the long-term resilience and decentralization of Ethereum. “SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem,” Lubin stated last Friday.
According to the Ethereum price page on The Block, ether has risen by 1.2% in the past 24 hours, trading near its highest level since early February. SharpLink’s stock closed up 17.15% at $21.65 last Friday, likely in response to the announcement of its 10,000 ETH purchase that day.
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