SharpLink Gaming, based in Minneapolis, has officially announced the adoption of Ethereum as its main treasury asset. This decision underscores the company's commitment to blockchain-based assets and its goal to strengthen its position in digital finance.
SharpLink's Ethereum Strategy
On July 4, SharpLink revealed its strategy in a post shared on X. The company aims to grow its ETH holdings, intending to stake them on Ethereum’s proof-of-stake network to increase the total amount of ETH each investor owns. For SharpLink, ETH is more than just a digital coin; it is a scarce and secure asset that can earn rewards through staking.
SharpLink's Growing ETH Holdings
Since launching its ETH plan on June 2, SharpLink has rapidly increased its holdings. Between May 30 and June 12, the company purchased over 176,000 ETH, valued at $463 million. By mid-June, it added more than 12,000 ETH, bringing total holdings to 188,478 ETH by June 24. As of July 1, SharpLink’s treasury reached 198,478 ETH, all actively staked and generating returns, with the company earning over 220 ETH in rewards.
Positive Market Response for Ethereum
The Ethereum market has reacted positively in recent days. Between July 4 and 5, ETH increased by 2.2%, surpassing a value of $2,530. As of the time of writing, Ethereum is trading at $2,563.01, up 1.82% in the last 24 hours. Analysts report that ETH has been gaining since late June, indicating stability and growing demand.
SharpLink's approach to utilizing Ethereum as a treasury asset reflects a trend among companies exploring not only bitcoin but also other digital assets, signaling a shift in financial strategies.
