SharpLink Gaming made a significant acquisition by purchasing 77,210 Ethereum valued at approximately $295 million. This move solidifies its position as the second-largest corporate holder of ETH.
Ethereum Purchase
The recent purchase by SharpLink exceeds Ethereum's net issuance over the past 30 days, which stood at 72,795 ETH. Most of the newly acquired Ether has been staked, allowing the company to earn network rewards based on the proof-of-stake model.
Company Strategy
With the new acquisition, SharpLink's total ETH holdings now exceed 438,017, valued at over $1.69 billion. The company also filed an amended prospectus to increase its proposed stock offering from $1 billion to $6 billion, most of which is earmarked for further ETH purchases. SharpLink has appointed Joseph Chalom as co-CEO, focusing on global strategic initiatives.
Rising Institutional Demand
Institutional demand for ETH continues to grow, as evidenced by recent moves from BitMine Immersion Technologies aiming to acquire 5% of Ethereum’s total supply. Corporations and Ethereum ETFs collectively hold 8.12 million ETH, accounting for 6.73% of the total supply.
The increasing accumulation by SharpLink and other corporate giants signals a tightening ETH supply, which may influence market dynamics.
