Just In: SharpLink Expands Ethereum Treasury with $30.7 Million ETH Purchase

SharpLink Gaming (Nasdaq: SBET), the largest publicly traded holder of Ethereum, has announced a strategic expansion of its Ethereum holdings. The company acquired an additional 12,207 ETH, valued at approximately $30.7 million, at an average price of $2,513 per ETH.

SharpLink Ethereum Treasury Expansion

According to a press release, between June 16 and June 20, SharpLink Gaming acquired 12,207 ETH for a total of $30,674,829, at an average price of $2,513 per ETH. The purchase forms part of the company’s ongoing strategy to build its Ethereum treasury.

SharpLink has been treating ETH as its primary treasury reserve asset, with a majority of its ETH holdings deployed in staking and liquid staking platforms.

The company’s continued commitment to increasing its ETH reserves aligns with its broader growth strategy. As of June 20, 100% of SharpLink’s ETH holdings are actively deployed in staking solutions. These investments have already generated rewards, including 120 ETH since the company began its ETH-focused treasury strategy on June 2.

Strategic Fundraising Through At-The-Market Facility

Through its At-The-Market (ATM) facility, SharpLink also issued about $27.7 million in net proceeds by selling 2,547,180 shares of its common stock. Most of these proceeds will be used towards acquiring more Ethereum assets by the company.

Being a flexible funding mechanism, this financing model enables SharpLink to exploit the conditions that prove favorable regarding marketing in the market, at the same time improving its digital asset strategy.

Joseph Lubin, Chairman of the Board of SharpLink, said in a statement, “We are bullish on the future of Ethereum, and this purchase of ETH serves as a tangible reflection of our vision of long-term value creation of the stockholders of SharpLink.” Another co-founder of Ethereum, Lubin, also highlighted the possibility of digital assets to determine the future of technology and finance.

Ethereum Co-Founder Suggests Tokenization of SharpLink Stock

Besides its strong Ethereum treasury, SharpLink Gaming is also developing new initiatives with respect to the cryptocurrency market. Ethereum co-founder Joseph Lubin has speculated on the potential of tokenizing the stock of SharpLink.

This recommendation followed an idea that was brought forward by a community member to use blockchain technology to help in curbing wastage of the company stock ticker.

In the meantime, with all this hype, Ethereum price recent market performance is an indicator of potential rally. At the time of writing, Ethereum price had gained 7% trading at $2,409. This breakout is considered to be a part of a bullish fractal formation, which may send Ethereum above the mark of 2,800.