SharpLink Gaming, a leading gaming corporation listed on the Nasdaq, has now outstripped the Ethereum Foundation in Ethereum (ETH) holdings. The company has turned into the most significant corporate holder of ETH worldwide by accumulating more than 280,000 ETH within a week, presently valued around $900 million.
The company announced that between July 7 and July 13, they acquired a staggering 74,656 ETH at an average price of $2,852 per ETH, costing around $213 million. This purchase elevated its total ETH holdings to 280,706, worth roughly $881 million at current rates. This surpassed the Ethereum Foundation, which owns approximately 196,354 ETH worth $617.77 million, as per data from Arkham.
SharpLink’s accumulation didn’t stop there, with blockchain analytics platform Lookonchain reporting an additional purchase of 6,377 ETH, bringing the company’s seven-day total to 91,330 ETH bought for about $275 million.
Most of the firm’s cryptocurrency is now staked, yielding more than 415 ETH, or approximately $1.3 million, since it implemented this strategy in June. Moreover, the company’s “ETH Concentration” metric showed a 23% increase from 2.00 to 2.46 ETH since mid-June, indicating a rapidly increasing ETH exposure per share.
SharpLink Gaming, initially established as an iGaming and sports betting pioneer, has experienced a considerable surge in its share value alongside its massive ETH accumulation. According to Google Finance, SBET’s share price soared by 21.31% in regular trading hours to close at $28.97, further rising to $32.25 in after-hours trading.
Meanwhile, ETH has seen a respectable 5.8% increase in the last 24 hours, trading at $3,140 at the time of writing. Over the past week, ETH has ascended by 20.7%, significantly outperforming Bitcoin (BTC), the top cryptocurrency by market cap, which only saw an 8.3% rise.
