SharpLink Gaming expanded its cryptocurrency balance sheet with the purchase of 12,207 Ether for about $30.6 million between 16 and 20 June
SharpLink Gaming expanded its cryptocurrency balance sheet with the purchase of 12,207 Ether for about $30.6 million between 16 and 20 June, lifting its treasury to 188,478 ETH valued at roughly $461 million. The Minneapolis-based gambling-marketing firm, which reoriented itself earlier this year into a dedicated Ethereum treasury vehicle, now controls what it says is the largest publicly traded ETH reserve.
The company acquired the tokens at an average price of $2,513 and has committed 100% of its holdings to staking platforms, generating 120 ETH in rewards so far. Chairman Joe Lubin said the additional allocation underscores management’s confidence in Ethereum’s utility and its potential to unlock further value for shareholders.
SharpLink funded the strategy with a $425 million private investment in public equity completed in May. Shares in the firm rose 11% on Tuesday to $10.02, partially recovering from a month-long slide that has left the stock 72% lower amid investor concern over a recent SEC filing.
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