SharpLink Gaming, the second-largest corporate holder of Ether, recently made a significant purchase of cryptocurrency, adding 77,210 Ether to its reserves.
Ether Purchase and Its Significance
The company SharpLink Gaming acquired 77,210 Ether, which is equivalent to $295 million. This single purchase exceeded the net issuance of Ether over the past 30 days, which stood at 72,795 ETH. Most of the purchased Ether has been staked to earn staking rewards. Now, the company's total Ether reserves exceed 438,000 Ether, worth over $1.69 billion.
New Appointments in the Company
Last week, SharpLink announced the appointment of Joseph Chalom as its new co-CEO. Chalom worked for 20 years at BlackRock and will be responsible for shaping and executing the company's global strategy. In May, Joseph Lubin, the CEO of Consensys, was appointed as the chairman of the board.
Potential Market Implications for Ether
Ether purchases by corporations and institutional investors through ETFs can create a supply shortage, which could theoretically drive prices up. Currently, 6.73% of Ether's total supply, equating to 8.12 million Ether, is held collectively by corporations and ETFs.
SharpLink Gaming's recent activity in the Ether market highlights the growing interest in cryptocurrencies from companies and institutional investors. This could have significant implications for price trends in the future.
