NASDAQ-listed sportsbook marketing firm SharpLink Gaming bought nearly $49 million worth of Ether as prices soared past $3,000.
Purchase of Ether for $49 Million
On Sunday, SharpLink Gaming acquired 16,370 ETH worth approximately $48.7 million, bringing the company's total treasury value to 198,300 ETH, nearly $608 million. This purchase follows a transaction with a wallet likely controlled by Ethereum development organization Consensys.
SharpLink Gaming's Ether Reserves
SharpLink Gaming is currently the world's largest corporate Ether treasury. The company holds 181,860 Liquid Staked ETH and 16,419 ETH, totaling nearly 198,300 ETH, surpassing the 197,400 ETH held by the Ethereum Foundation. Overall, corporate Ether reserves have now reached nearly 1.34 million ETH, valued at almost $4.1 billion.
Significance of Joseph Lubin's Involvement
In late May, SharpLink Gaming announced its pivot to become an Ether corporate treasury and appointed Ethereum co-founder Joseph Lubin as chair of its board. Lubin highlighted the critical importance of Ether treasuries for the development of the Ethereum ecosystem, emphasizing the need to capture a large amount of ETH in circulation. "This is going to be critical to enable the supply-demand dynamics of Ether to right-size as we build more and more applications," Lubin said.
SharpLink Gaming's recent acquisition of Ether highlights the growing interest from companies in crypto assets amid market fluctuations. Joseph Lubin's involvement also signifies the strategic management of reserves as vital for the future development of Ethereum.
