This latest purchase, identified by onchain analytics firm Lookonchain, follows SharpLink’s earlier high-profile acquisition of 77,210 ETH at $295 million, elevating their holdings beyond 438,000 ETH. As a result, SharpLink remains among the top corporate Ethereum treasuries, a move that aligns with a rising trend of companies increasing their balance-sheet exposure to ETH.

SharpLink’s Growing Ethereum Treasury

The recent addition to SharpLink’s Ethereum treasury illustrates a broader market trend. As reported by The Block, corporate Ethereum treasuries have collectively surpassed a $10 billion valuation across 64 entities. Notably, other major players like The Ether Machine have also increased their Ethereum reserves, purchasing 15,000 ETH for roughly $57 million, thereby boosting their total to over 334,000 ETH.

These strategic moves underscore the growing importance of Ethereum treasuries in the corporate world. Managed by Consensys founder Joseph Lubin, SharpLink’s strategy is part of a larger narrative where the demand for Ethereum is escalating among institutional investors.

Impact on the Market

SharpLink Gaming’s share price experienced a 3% uptick in pre-market trading following the announcement of their Ethereum purchase, as per Yahoo Finance data. This indicates positive market sentiment towards companies actively expanding their crypto holdings.

Johnny Garcia, Managing Director of Institutional Growth and Capital Markets at VeChain, emphasized the importance of Ethereum treasuries, calling the trend “existential” for companies in the evolving financial landscape. According to Garcia, macroeconomic factors such as federal funding rates and inflation news are propelling the adoption of cryptocurrencies by institutions.

“Institutions are racing for relevance in the next-gen financial internet,” Garcia stated. “This trend is unstoppable, regardless of short-term market fluctuations like the US Federal Funds rate.”

The significance of these moves cannot be understated as they signal a shift towards a more crypto-centric financial infrastructure. With companies like SharpLink leading the way, the future of corporate crypto treasuries appears increasingly promising.

Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Crypto exchange Bitget is an anchor LP for Foresight Ventures. All information is for informational purposes only and not intended as legal, tax, investment, financial, or other advice.

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Alongside this financial maneuver, SharpLink has made a consequential executive decision. Joseph Chalom, well-known in crypto circles as the former digital assets strategist at BlackRock, has been named as Co-CEO at SharpLink. Armed with his extensive crypto market knowledge, Chalom will oversee the firm’s $1.3 billion Ethereum treasury strategy.

Chalom has a successful track record in the crypto industry. He played a pivotal role in launching the iShares Ethereum Trust (ETHA), currently the largest ETH exchange-traded product globally with over $10 billion in assets. During his time at BlackRock, he spearheaded major digital asset collaborations with industry giants like Coinbase, Nasdaq, and Circle. He also held senior positions including interim Deputy COO and COO of BlackRock Solutions.

SharpLink’s Ethereum holdings currently stand at 360,807 ETH, valued at $1.33 billion, and 95% of this is staked or deployed via liquid staking. However, BitMine Immersion recently outshone SharpLink by announcing a colossal Ethereum purchase of 566,776 ETH, valued at over $2 billion. This move propelled BitMine to the top of corporate ETH holders.

Currently, strategic reserves held by 63 participants consist of 2.31 million ETH, valued at $8.65 billion, representing 1.92% of Ethereum’s total supply. Ethereum treasuries have seen a meteoric rise from $23 million to $8.6 billion in only a few months, with BitMine and SharpLink at the forefront, supported by crypto luminaries Tom Lee and Joseph Lubin.

Ethereum ETF inflows have been performing well. BlackRock’s Ethereum ETF (ETHA) is experiencing a boom, adding 120K ETH, worth $430 million in a single day, pushing its total holdings to nearly 3 million ETH. Spot ETH ETFs have witnessed 16 consecutive days of inflows, outperforming Bitcoin ETFs substantially.

Since July 9, eight new wallets have accumulated an impressive 583,248 ETH, valued at $2.17 billion. Analyst Ali Martinez observes that whales have been acquiring Ethereum aggressively over the past two weeks, snapping up 1.13 million ETH, valued at a whopping $4.18 billion.

Despite the decrease in Ethereum whale-held supply, prices continue to rise. This trend, in contrast to the February pump, suggests healthier, sustainable growth. Ethereum has seen a 24% increase this week and a 56% increase this month. Analysts predict that if Ethereum flips the $3,800–$4,000 zone into support, the $5,000 mark is within reach.

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The Nasdaq-listed company, known by the ticker SBET, secured 18,712 ETH from Galaxy Digital on Thursday evening (ET), followed by another 14,180 ETH from Coinbase Prime, as per data from Arkham Intelligence.

This latest procurement of Ethereum comes after the company, initially a marketing and iGaming software firm, surpassed the Ethereum Foundation to become the biggest corporate holder of Ethereum earlier this week. Data from Lookonchain reveals that SharpLink has aggressively been accumulating ether, adding 144,501 ETH in just the past nine days. It currently possesses over 353,000 ETH, according to EmberCN’s report based on onchain data.

On Thursday, with backing from Consensys, SharpLink updated its SEC prospectus to significantly increase the amount of stock available for sale from the $1 billion initially proposed on May 30 to $6 billion. This move could potentially accelerate its Ethereum acquisition strategy even more.

Ethereum has been performing well amidst a wider market rally, with its price increasing by 8% in the past 24 hours to $3,605 according to The Block’s Ethereum price page. Despite Ethereum’s upbeat performance, Sharplink’s stocks closed 2.62% lower on Thursday at $36.4, according to data from Yahoo Finance. Nonetheless, the stock has seen a surge of 96.96% in the past five days and 373.96% year-to-date.

The Block, an independent media outlet that provides news, research, and data about the crypto industry, is majorly invested in by Foresight Ventures as of November 2023. Foresight Ventures also invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently to offer objective, impactful, and up-to-date information about the crypto sector.

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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.

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Arkham Intelligence data reveals that the Ethereum was transferred from a hot wallet on Coinbase Prime to SharpLink Gaming’s address. The hot wallet’s transaction history shows regular interactions with Coinbase Prime, including deposits and transactions with other crypto addresses, featuring Ether, Shiba Inu, and Uniswap (UNI).

This recent Ethereum procurement follows SharpLink’s purchases of 16,374 ETH on Sunday and 21,487 ETH on Friday. Over the past four days, the company has acquired a total of 62,232 ETH, valued at an estimated $186.4 million at current market rates.

Initiated in late May, SharpLink’s Ethereum treasury strategy was introduced in parallel with a $425 million private placement directed by Consensys, a crypto infrastructure developer. Joseph Lubin, Consensys CEO and Ethereum co-founder, took up the role of SharpLink’s chairman. To date, SharpLink has amassed around 294,000 ETH and staked 74,464 ETH, as per EmberCN’s onchain data report.

According to The Block’s Ethereum price page, Ether rose 0.9% in the past 24 hours to $2,970. It even momentarily traded above the $3,000 mark on Monday, the first time it has done so since February 1. Meanwhile, SharpLink’s stock has seen a 10.3% increase, closing at $23.88 on Monday and marking a 78% rise within the past month, as per Google Finance data.

Disclaimer: The Block is an independent media outlet offering news, research, and data. It operates independently to deliver objective, impactful, and timely information about the crypto industry. It is not offering legal, tax, investment, financial, or other advice.

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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.

Disclaimer: This article is purely informational and is not intended as financial, legal, tax, investment, or other advice. The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto industry. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block maintains its independence to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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SharpLink now has over 95% of its ETH deployed in staking and liquid staking platforms, thereby contributing to Ethereum’s network security and simultaneously earning yield. CEO Rob Phythian referred to this as a “defining moment” for SharpLink and a significant advancement for public company adoption of digital assets, with ETH being the company’s “primary treasury reserve asset”.

SharpLink’s strategy is reminiscent of MicroStrategy’s Bitcoin-buying strategy, but with a focus on Ethereum, making it the first public company to primarily hold ETH as its core treasury reserve asset. Its objective is to provide shareholders with “meaningful economic exposure to ETH.”

Despite being the largest publicly traded holder of Ether, other entities hold more ETH, such as the Ethereum Foundation with 214,129 ETH ($594 million) in its treasury. Some ETFs providers like BlackRock also hold bigger amounts of Ether, albeit on behalf of their clients. For instance, the iShares Ethereum Trust ETF held about 1.7 million ETH as of June 12, worth approximately $4.5 billion.

The company’s decision has stirred controversy as their share price skyrocketed over 400% after its May 27 ETH treasury announcement. However, following an S‑3 SEC filing announcement earlier this week, shares crashed by about 73% in after‑hours trading on Thursday, precipitated by a misunderstanding.

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