SharpLink continues to increase its investments in Ethereum, having recently updated its stock sale program and becoming the largest ETH holder.
Changes in the Stock Sale Program
SharpLink has updated its stock sale program, raising the limit for sale to $6 billion from the previous $1 billion. According to the SEC, SharpLink has already sold approximately $720.8 million from the old program, leaving about $279 million. The new filing adds another $5 billion and allows for forward sales, providing the company with more ways to raise funds.
Asset Accumulation Strategy in Ethereum
As of now, SharpLink holds 280,706 ETH, worth about $1 billion. The company recently acquired another 32,892 ETH. This move is based on a strategy initiated last month when it announced Ethereum as its primary reserve asset. Nearly 99.7% of ETH is staked, generating 415 ETH in rewards. Unlike traditional corporate treasuries, SharpLink uses staking to convert its ETH into revenue-generating reserves.
Competition in the Ethereum Market
While SharpLink holds the top position by asset volume, competition is growing. Recently, BitMine Immersion announced that its holdings surpassed 300,657 ETH, briefly putting it at the top. However, SharpLink's latest acquisitions have put the company back in the lead. Currently, ETH shows strong growth, trading slightly below $3,620.
SharpLink continues to aggressively increase its assets in Ethereum, solidifying its position in the market. While competition is intensifying, the company manages to maintain leadership through a well-thought-out strategy.
