SharpLink Gaming, a Minneapolis-based sports betting platform, has significantly increased its Ethereum holdings to become the largest public holder of this cryptocurrency.
Acquisition of Ethereum
Between June 16 and June 20, SharpLink acquired 12,207 ETH at an average price of $2,513, boosting its overall holdings to 188,478 ETH, valued at approximately $470 million.
Company Strategy and Its Future
To fund the purchase, SharpLink raised $27.7 million through an at-the-market offering. The company aims to use ETH as its core reserve asset and has already begun staking its holdings, earning 120 ETH in rewards. SharpLink's Chairman, Joe Lubin, expressed that this decision reflects the company's confidence in the utility of Ethereum.
Who Else Owns Ethereum?
While SharpLink has claimed the title of largest public ETH holder, the Ethereum Foundation holds 212,072 ETH, and organizations like BlackRock manage significantly larger ETH amounts on behalf of their clients.
SharpLink Gaming is poised to continue expanding its Ethereum assets, recognizing the potential of cryptocurrency and its technological impact on business.
