SharpLink announced significant developments regarding its Ethereum holdings, showcasing an aggressive accumulation strategy.
SharpLink's Accumulation and Current Achievements
The company SharpLink announced that it now holds 521,939 ETH, valued at around $1.9 billion at current market prices. Between July 28 and August 3, SharpLink acquired 83,561 ETH for $264.5 million at an average price of $3,634. Currently, it is reported that its ETH-per-share has increased from 3.40 to 3.66.
Growth of ETH in Corporate Holdings
SharpLink has targeted 1 million ETH for its first treasury milestone, noting that it is already over halfway there. The company's message outlines this ambition:
CITE_NA: "1,000,000 ETH is our first milestone. The first of many. We’re halfway there."
Additionally, all of its holdings are staked, earning 929 ETH, worth more than $3.3 million in cumulative staking rewards.
ETH Price Outlook
Despite the aggressive accumulation of ETH, prices have taken a 2% hit today as the crypto markets cool off following July's massive rally. Ethereum dipped to $3,575 during the Wednesday morning Asian trading session but remained within its three-week range. However, a fall below $3,400 could see this momentum lost and lead to a larger correction.
SharpLink's commitment to accumulating Ethereum shows significant ambition, and their determination is already yielding results. However, the cryptocurrency market remains under pressure, and the future of ETH prices is uncertain.
