SharpLink Gaming, actively involved in digital assets, significantly increased its Ethereum holdings by executing a purchase of 11,259 ETH for $43 million.
Major Ethereum Purchase
According to analytics provider Lookonchain, SharpLink Gaming acquired 11,259 Ethereum (ETH) through an over-the-counter transaction with Galaxy Digital, spending 43.09 million USDC at an average price of $3,828 per ETH. Following this transaction, the company’s total Ethereum holdings reached approximately 449,276 ETH, equivalent to about $1.73 billion.
Market Impact
Following the acquisition, SharpLink Gaming's shares rose by 3% ahead of market open, according to Yahoo Finance data. This transaction reflects the ongoing interest and confidence in Ethereum, especially among institutional investors.
Rising Institutional Interest
Recent reports indicate that total Ethereum holdings among 64 institutional players have surpassed $10 billion. In addition to SharpLink's transaction, The Ether Machine also purchased approximately $57 million worth of ETH, bringing its total holdings to over 334,000 ETH. Johnny Garcia, VeChain’s Director of Corporate Growth and Capital Markets, remarked that the "Ethereum treasury race and institutional crypto adoption are of 'existential' importance for some companies."
Thus, SharpLink Gaming continues to strengthen its position in the cryptocurrency market, reflecting the overall trend of increasing institutional interest in Ethereum.
