Ethereum’s ‘MicroStrategy’ SharpLink Gaming Expands Treasury To 438,190 ETH

SharpLink Gaming is living up to its moniker as the MicroStrategy of Ethereum with a fresh purchase announcement. Over the last week, the company grew its holdings to 438,190 ETH, but SBET stock is on a downward trend, failing to match Ethereum’s rally.

SharpLink Gaming Increases Ethereum Holdings

According to a press release, SharpLink Gaming has acquired 77,209 ETH, splurging $290 million on the latest haul. The release revealed that the average purchase price per ETH was at $3,756, with the company’s holdings reaching 438,190 ETH.

The purchase marks a 21% increase for the company’s Ethereum holdings amid a frenetic accumulation spree. Last week, SharpLink held 360,807 ETH after it bought 79,949 ETH for 258 million, its largest spending on a single haul at the time.

Meanwhile, SharpLink Gaming’s cumulative staking rewards have pulled in 722 ETH since June, while the company’s ETH Concentration climbed to 3.40 from last week’s 3.06. The press release also noted that the company raised $279.2 million through its ATM facility between July 21 and July 25.

Despite the glowing metrics, TradingView data revealed that SBET is down nearly 8%, trading at $19.22. On the flip side, the Ethereum price is holding the $3,800 mark after gaining nearly 1% over the last day.

Poaching Executives As Corporate ETH Adoption Reaches New High

Last week, SharpLink Gaming bolstered its staff strength with the announcement of former BlackRock executive Joseph Chalom as co-Chief Executive Officer. Chalom will join Rob Phythiam at the helm of affairs for SharpLink Gaming as the company has its sights on becoming the largest corporate Ethereum holder.

“I’m thrilled to be leading SharpLink into its next phase and harnessing Ethereum’s unique value proposition for our stake holders,” said Chalom in a statement.

Meanwhile, Sharplink faces stiff competition from Peter Thiel-backed BitMine for the top spot. CoinGecko data shows that BitMine is currently the largest public Ethereum treasury company with 566,776 ETH.

Furthermore, the imminent launch of Ether Machine could trigger a three-way race for the title of largest Ethereum corporate holder. Amid the push, Ethereum ETFs are surging in inflows, matching the activity levels of Ethereum treasury companies.

It is also worth noting that Standard Chartered is bullish on these Ethereum treasury companies. The bank recently predicted that these companies could own 10% of ETH’s supply at some point.