Corporate treasury buys on dips: SharpLink increases its holdings by 19,000 Ether (ETH), raising its total to $3.5 billion.

CN
3 hours ago

SharpLink Gaming has expanded its Ethereum treasury to 859,853 ETH, valued at approximately $3.5 billion, after the company completed a $76.5 million capital raise on Friday.

The company announced in a press release on Tuesday that it acquired an additional 19,271 ETH at an average cost of $3,892 per ETH.

Since launching its Ethereum treasury strategy in June, SharpLink has earned 5,671 ETH in rewards through staking. At the current price of about $4,100 per ETH, these rewards are valued at approximately $23.25 million.

Staking allows SharpLink to deploy its ETH holdings as validators on the Ethereum proof-of-stake network, converting a portion of its treasury into income-generating assets through rewards.

SharpLink is the first publicly traded company to announce a treasury strategy centered around Ethereum's native token, Ether, on May 27, with an initial private investment in public equity (PIPE) of $425 million.

According to Yahoo Finance, the company's stock price has surged over 450% in the past six months.

SharpLink is currently the second-largest Ethereum treasury asset company, following Bitmine Immersion Technologies, which launched its treasury on June 30 with a $250 million private investment.

On Monday, Bitmine purchased an additional $250 million worth of ETH, bringing its total holdings to approximately 3.24 million tokens, valued at over $13 billion at the time of writing.

The company now holds 2.74% of the total supply, having completed more than half of its goal to own 5% of all circulating ETH. Bitmine Chairman Tom Lee stated that the current "price dislocation represents an attractive risk/reward."

According to CoinGecko data at the time of writing, the price of ETH has dropped about 14% in the past 14 days and approximately 9.6% this month.

Holding ETH and other proof-of-stake assets provides opportunities for earning rewards through staking, generating passive income by helping to validate network transactions.

The third-largest Ethereum treasury company, Ether Machine, holds 496,710 ETH and launched as an income-generating Ether fund for institutional investors on July 21.

According to Strategicethreserve.xyz, there are currently 69 Ethereum treasury companies holding a total of 5.74 million ETH.

Related: Ethereum enters the final testnet phase of the Fusaka upgrade, set to deploy on December 3.

Original article: “Corporate Treasury Buying the Dip: SharpLink Increases Holdings by 19,000 Ether (ETH), Raising Total to $3.5 Billion”

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