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SharpLink Gaming has also continued its Ethereum accumulation strategy and purchased an additional 4,951 ETH. The purchase, worth about $12.4 million, occurred on June 30 and was first flagged by on-chain researcher EmberCN.
The gaming company, listed on the Nasdaq, has pursued Ethereum as its treasury reserve asset since June. The latest purchase was reportedly executed in two separate transactions, most likely through over-the-counter (OTC) channels. These transactions brought SharpLink’s total Ethereum holdings to 202,800 ETH, worth approximately $463 million at current market prices.
According to Arkham Intelligence, most of SharpLink’s Ethereum is staked through Figment, a liquid staking platform that offers a 3.03% standardized reward rate (SRR). This will enable the company to earn interest on its long-term assets while still being exposed to Ethereum's market value.
SharpLink's Ethereum strategy started on June 13, when the company stated that it had made a significant acquisition of 176,271 ETH for $463 million. It also purchased 12,207 ETH on June 24, before the new purchase of 4,951 ETH. These steady acquisitions demonstrate the company's desire to accumulate a solid Ethereum reserve.
Based on public data, SharpLink’s average Ethereum purchase price stands at $2,606. With Ethereum currently trading below this level, the firm is facing an unrealized loss of approximately $22.92 million. However, the company has not issued any statement indicating a change in its position.
SharpLink’s total Ethereum expenditure now exceeds $528 million. Nevertheless, its reserves are one of the largest corporate treasuries that puts its sole interest in Ethereum, which makes it a leading institutional investor in the crypto market.
Also Read: Ethereum Targets $2,500: Will Bullish Momentum Break the Barrier?
The strategy allows SharpLink to stand out among other publicly-traded enterprises that tend to favor Bitcoin in terms of corporate treasuries. With attention to Ethereum, the company shows its long-term perspective on the applications of Ethereum, its staking activities, and its changing role in decentralized finance.
The gaming firm’s strategy signals growing institutional interest in Ethereum as more than a speculative asset. With staking yields and network upgrades improving Ethereum’s value proposition, companies like SharpLink are turning to ETH as a key reserve component.
Although Bitcoin continues to dominate institutional troves, SharpLink, with its Ethereum portfolio, is bringing variety into the bigger picture. It also focuses on the rise in Ethereum's use as a corporate treasury asset in other sectors that are not related to the traditional finance sector.
