Breaking: Sharplink Gaming Becomes Largest ‘Publicly Traded’ Ethereum Holder With 176,271 ETH Purchase

Sharplink Gaming has officially created its Ethereum Treasury Reserve with its first ETH purchase. The company has also become the largest publicly traded ETH holder, leading the way in corporate adoption of the largest altcoin by market cap.

Sharplink Gaming Acquires 176,271 ETH For Ethereum Treasury

In a press release, the company announced that it has acquired 176,270.69 ETH for an aggregate purchase price of $462,947,816 and an average price of $2,626 per ETH. With this acquisition, the firm becomes the largest publicly traded holder of ETH globally.

Sharplink Gaming is also the second-largest holder behind the Ethereum Foundation. As Coingape reported, the company had raised $425 million through a private placement offering to establish this Ethereum Treasury.

In addition to this private placement offering, the company also disclosed that it raised an additional $79 million in approximate gross proceeds through its at-the-market (ATM) facility. The firm used the majority of the ATM proceeds to fund further ETH purchases, which sums up the $462 million it used for this acquisition.

Sharplink Gaming also revealed that these collective purchases have generated ETH per share growth of 11.9% since June 2 earlier this month. The company has also deployed over 95% of its ETH holdings for staking and liquid staking solutions, thereby contributing to Ethereum’s network security while generating native yield.

SBET Stock Still In The Red

TradingView data shows that the SBET stock is still down amid this announcement. The stock is currently trading at around $10, down over 66% in pre-market trading. It is worth mentioning that the Sharplink Gaming stock had dropped as much as 73% in after-hours trading on June 12.

Despite this drop, SBET is still up massively since the company announced plans to create an Ethereum Treasury. MarketWatch data shows that the stock is up almost 1,000% in the last month. SBET is also up over 300% year-to-date (YTD).

Meanwhile, the Ethereum price remained unchanged despite the announcement of Sharplink Gaming’s ETH purchase. CoinMarketCap data shows that the altcoin is currently trading at around $2,500, down almost 7% in the last 24 hours.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.