SharpLink Gaming has quietly surged to the top of Ethereum’s corporate leaderboard, now holding more ETH than the Ethereum Foundation itself.
The Nasdaq-listed firm has built a treasury of 280,706 ETH, currently valued at nearly $858 million.
This milestone was reached after the company acquired over 74,000 ETH between July 7 and 13, spending $156 million at an average price of $2,852. SharpLink’s ETH accumulation streak has now eclipsed even Ethereum’s founding organization, which holds about 196,000 ETH.
The massive buy was powered by proceeds from a recent at-the-market (ATM) share offering, which raised $413 million. With over half of those funds still unspent, the company appears poised for further expansion. Its stock surged 10% following the announcement.
SharpLink’s Ethereum play began in May, when it unveiled plans to pivot to ETH as its primary reserve asset. Backed by Consensys and chaired by Ethereum co-founder Joseph Lubin, the initiative included a $425 million private placement.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/sharplink-amasses-largest-corporate-ethereum-treasury/