 
 
SharpLink Gaming, the Nasdaq-listed crypto treasury firm helmed by Ethereum co-founder and ConsenSys CEO Joseph Lubin, disclosed on Tuesday that its ether (ETH) holdings increased to 521,939 tokens, worth around $1.91 billion at current market prices.
The Minneapolis, Minnesota-based company purchased 83,561 ETH between July 28 to August 3 for approximately $303.7 million at an average price of $3,634 per token.
SharpLink has pursued an aggressive treasury strategy since its late May pivot, raising funds to accumulate the second-largest cryptocurrency. The firm said that all of its ETH holdings are staked, allowing it to earn rewards from Ethereum’s native proof-of-stake consensus mechanism. SharpLink said it has so far earned 929 ETH, worth over $3 million, through staking since its treasury pivot.
According to data from CoinMarketCap, ETH was recently trading hands at $3,569 amid a tense macroeconomic week, down 2.3% over the last 24 hours. The coin is about 27% below its all-time high of $4,878 registered back in November 2021.
ETH Accumulation Race Gains Traction
Ethereum treasuries are following a playbook pioneered by Michael Saylor’s Strategy (previously MicroStrategy), which shifted from software development to accumulating Bitcoin in late 2020 after years of struggling and low share prices.
 
With its 521,939 ETH stash, SharpLink is now the second-largest public holder of Ether.
Tom Lee’s BitMine Immersion Technologies still leads the ETH treasury race. The Las Vegas-based company announced Monday that it had purchased an additional 208,137 Ether to its crypto treasury over the last week, pushing the value of its holdings above $3 billion.
The Ether Machine holds the third-biggest ETH stack of 345,400 ETH after recently making $40 million purchase. The Ethereum Foundation, the development organization behind the blockchain, sits fourth with 232,600 ETH, valued at $855 million.
Source: https://zycrypto.com/ether-stacking-sharplink-gaming-scooped-up-83561-more-eth-boosting-holdings-to-almost-2-billion/