SharpLink Gaming Expands Ethereum Treasury To 205,634 ETH, SBET Stock Surges 12%

SharpLink Gaming is showing no signs of shuttering its aggressive Ethereum accumulation strategy with a new buying announcement. The company is extending its lead as the largest Ethereum treasury company, splurging $19.2 million on the haul.

SharpLink Gaming Buys 7,689 ETH for $19.2 Million

US sports betting company SharpLink Gaming has acquired 7,689 ETH at an average price of $2,501 to extend its Ethereum treasury. According to a press release, SharpLink sank $19.2 million on the new haul of ETH tokens, continuing an aggressive accumulation streak.

The purchase brings SharpLink Gaming’s total holding to 205,634 ETH, cementing its place as the largest publicly traded Ethereum holder. Furthermore, SharpLink Gaming says it is committing 100% of its ETH to staking and restaking protocols to earn yield.

Over the last week, the company has gained 100 ETH from its staking strategy. Since the launch of its Ethereum Treasury reserves, SharpLink Gaming has earned a total of 322 ETH from staking and yield-generation strategy.

The company announced that it has raised an additional $64 million via the sale of its common stock. Armed with additional cash, the company has its sights on increasing its ETH holdings in the coming days.

Furthermore, SharpLink Gaming unveiled new transparency metrics for investors to measure the company’s ETH exposure in relation to its equity structure. Dubbed ETH Concentration, the metric is calculated by dividing the total ETH on the balance sheet by 1,000 assumed diluted shares.

“Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational efficiency,” said SharpLink Chairman Joseph Lubin

SBET stock has spiked by over 12% at the opening of the market, continuing its meteoric weekly run has seen it climb by nearly 50%.

Ethereum Treasury Companies Record Impressive Activity Levels

While SharpLink Gaming is leading the pack, pundits are predicting a three-way race for the title of the largest Ethereum Treasury company. Yesterday, Nasdaq-listed Bit Digital converted its Bitcoin holdings to create an Ethereum Treasury.

Bit Digital holds 100,603 ETH while Tom Lee’s Bitmine has raised $250M for an Ethereum Treasury. Several companies are turning their gaze to Ethereum, with Joseph Lubin predicting that their rise will fuel Wall Street DeFi adoption.

At press time, the largest altcoin is trading at $2,565, up 6% on the weekly charts. Renewed institutional interest sees ETH recoup its losses from its poor showing in Q1, stoking enthusiasm for a rally towards $4,000.