SharpLink Gaming Tops Ethereum Foundation in ETH Holdings

Key Insights:

• SharpLink Gaming acquired an additional 6,377 ETH worth $19.56 million, as news of Ethereum foundation taking a back seat emerged.
• Total Ethereum holdings expanded to 287,083 ETH, surpassing the Ethereum Foundation’s ETH holdings.
• Analysts predict the ETH price to hit $4000 amid corporate adoption and spot Ethereum ETF inflows.

SharpLink Gaming acquired an additional 6,377 ETH worth $19.56 million on Wednesday, becoming the largest holder of the crypto. Co-founder Joseph Lubin-backed SharpLink even surpassed the Ethereum Foundation’s holdings amid recent purchases.

The company supports Ether’s long-term strength and mission by staking as ETH enters a new era of institutional relevance amid corporate adoption.

SharpLink Gaming Acquires 6,377 ETH, Total Holdings Reaches Over 287K ETH

Nasdaq-listed SharpLink Gaming further increased its total Ethereum holdings as it purchased an additional 6,377 ETH worth $19.56 million, as per Arkham data on July 16.

On-chain analytics platform Lookonchain reported that the company continued its major accumulation spree. It accumulated 91,330 ETH worth more than $275 million in the last 7 days.

On Tuesday, SharpLink Gaming confirmed that the total holdings stand at 280,706 ETH. With the latest purchase, the total holdings increased to above 287,083 ETH valued at almost $908 million at a market price of $3,160.

Last week, the company entered into a definitive agreement with the Ethereum Foundation and completed a 10,000 ETH purchase for $25.72 million in an over-the-counter (OTC) deal. The purchase was made at an average price of $2,572.37, significantly lower than the market price.

Ethereum Holdings Surpasses Ethereum Foundation’s ETH Stack

SharpLink Gaming becomes the largest single corporate holder of ETH and holds more than the Ethereum Foundation.

Angel investor Anthony Sassano, known as sassal.eth, said dethroning the Ethereum Foundation in the strategic ETH reserve marked a huge milestone for the company.

Ethereum co-founder and ConsenSys founder Joseph Lubin recently confirmed to buy ETH aggressively for SharpLink’s Ether treasury. He even committed to holding Ethereum for the long term.

SharpLink is acquiring, staking, and restaking ETH to help maintain the ecosystem’s health, while removing ETH from the circulating supply.

SBET stock price closed 21.31% higher at $28.97 on Tuesday. At the time of writing, the stock price was trading 13.29% higher in the pre-market hours on Wednesday. The stock price rallied almost 260% year-to-date, as per Yahoo Finance.

Notably, companies adopting the Ethereum treasury strategy attracted many renowned investors such as PayPal co-founder Peter Thiel. US SEC filing revealed that Thiel owned 9.1% in Tom Lee-backed Bitmine Immersion Technologies (BMNR), whose stock price jumped 17.67% to $47.02 after market hours.

ETH Price on Track to $4,000

ETH price had surged more than 6% over the last 24 hours and was trading at $3,160 at the time of writing. The 24-hour low and high were $2,962 and $3,174, respectively.

Furthermore, the trading volume increased by 18% in the last 24 hours, indicating a rise in interest among traders.

Popular analyst Scott Melker, aka The Wolf Of All Streets, reiterated his prediction of ETH to $4,000 as Bitcoin dominance drops.

In the daily timeframe, the price was comfortably above the 50-SMA, 100-SMA, and 200-SMA after the recent upside momentum. Whereas, the Relative Strength Index (RSI) climbed to 77.20, signaling potential pullback as it moves further into the overbought region.

Analyst Michael van de Poppe pointed out that ETH/BTC climbed to a new high. It signals bullishness for ETH in the coming period,

CoinGlass data confirmed some profit booking in the last hour by derivatives traders. At the time of writing, the total ETH futures open interest climbed nearly 7% to $46.60 billion in the last 24 hours. ETH futures OI on CME and Binance jumped over 7% and 9%, respectively.