Nasdaq-listed company SharpLink has reached a new milestone in accumulating Ethereum, building a treasury of 280,706 ETH valued at nearly $858 million.
SharpLink's New Achievement
SharpLink has successfully accumulated 280,706 ETH after acquiring over 74,000 ETH between July 7 and 13, spending $156 million at an average price of $2,852.
Funding and Future Plans
The treasury growth was accelerated by a recent $413 million share offering. With over half of these funds still unspent, SharpLink appears poised for further expansion. The company's stock surged 10% following the announcement.
History of ETH Accumulation
The significant ETH accumulation began in May when SharpLink announced its pivot to ETH as its primary reserve asset. The initiative is backed by Consensys and chaired by Ethereum co-founder Joseph Lubin.
Thus, SharpLink has become the owner of the largest corporate Ethereum treasury, reflecting its ambitious plans in the cryptocurrency sector.
