SharpLink Gaming has recently strengthened its position in the Ethereum market by acquiring a significant amount of tokens, contributing to the cryptocurrency's growth.
Ethereum Purchases by SharpLink Gaming
SharpLink Gaming announced that it currently holds a total of 521,939 Ethereum tokens, nearing $2 billion. Between July 28 and August 3, the company purchased 83,561 ETH for $264.5 million. According to SharpLink representatives, their goal is to reach 1 million tokens.
Competition Among Corporate ETH Holders
Consensys CEO Joe Lubin, following Michael Saylor's example, has stated intentions to continue buying ETH after surpassing the Ethereum Foundation in the list of corporate holders. Currently, the largest corporate holder of Ethereum is BitMine Immersion Technology with $2.9 billion in assets, making it essential for SharpLink Gaming to increase its holdings.
Support for SharpLink Gaming Shares
SharpLink Gaming shares (SBET) are currently trading at around $19 after several weeks of volatility. According to analyst Donald Dean, support for the stock is around $17 and it is now outside of the descending trend. Dean predicts that the stock could challenge its July peak.
SharpLink Gaming is actively bolstering its position in the Ethereum market, which may have positive implications for its stock and overall reputation within the financial community.
