SharpLink Gaming is actively increasing its Ethereum reserves, making a significant purchase worth $68 million, indicating a growing interest in this cryptocurrency among institutional investors.
SharpLink Gaming's New Acquisitions
On Wednesday, SharpLink Gaming, trading under the ticker SBET, added another 20,279 ETH to its balance sheet, marking approximately $68 million in fresh purchases. Data from Arkham Intelligence revealed that SharpLink acquired 9,425 ETH on Wednesday morning, followed by an additional 10,854 ETH from Coinbase later that day.
Ethereum Market Growth
Shortly after these buys, the firm sent 3,200 ETH to Figment's staking service and moved the full 10,854 ETH to Liquid Collective's staking network. Over the past five trading days, SharpLink's stock surged 113%, while the price of Ethereum increased by over 16% in the last five days.
Other Companies Investing in Ethereum
Other major players are also showing interest in Ethereum. GameSquare Holdings announced a new stock offering to raise funds for increasing their Ethereum stash, while Bitmine recently announced a $250 million private placement to kick off its ETH acquisition strategy.
SharpLink Gaming is showcasing its active accumulation of Ethereum reserves, strengthening its position in the market as other companies also ramp up their investments in this digital asset.
