SharpLink Gaming, an iGaming and marketing software firm, recently expanded its Ethereum assets by acquiring ether worth nearly $49 million.
SharpLink's ETH Purchase
According to Arkham Intelligence data, SharpLink added 16,374 ETH to its corporate wallet, executing a transaction valued at approximately $48.85 million. This transaction was processed through Galaxy Digital's OTC desk.
SharpLink's Strategy Under Consensys Leadership
This year, SharpLink pivoted its strategy to focus on building a large ETH treasury, coinciding with a $425 million private placement in late May led by Consensys. Joseph Lubin, CEO of Consensys and Ethereum co-founder, is now serving as SharpLink's chairman and actively supports the company's ETH acquisition strategy.
ETH Price Surge and SharpLink Stock Rise
As SharpLink has increased its ETH holdings, the price of ether has also risen by 1.2%, now trading at $2,981. SharpLink's shares have rallied by 17.15%, driven by growing interest in the company’s crypto assets and participation in the decentralized finance ecosystem.
SharpLink's ETH acquisition strategy may serve as a model for other mid-cap firms looking to gain exposure to Ethereum while contributing to network decentralization through staking.
