SharpLink Gaming, a publicly-listed gaming technology company, has reported a significant increase in its Ethereum reserves, surpassing the 200,000 ETH mark.
Increase in SharpLink Gaming's Reserves
The Minneapolis-based company purchased an additional 7,689 ETH for approximately $19.2 million between June 28 and July 4 at an average price of $2,501 per coin. As a result, its total reserve volume has reached 205,634 ETH, or approximately $527.4 million at the current Ethereum price.
Share Sales and Plans for Further ETH Purchases
SharpLink Gaming also announced the sale of approximately 5.5 million common stock shares through an at-the-market facility, raising $64 million last week. The company intends to use $37.2 million from the new funds to purchase more ETH in the coming days.
Company Metrics and New Metrics
All of the company’s ETH holdings have been placed into staking protocols, resulting in 322 ETH in rewards since the program began on June 2. To illustrate the connection of its shares to cryptocurrency, SharpLink introduced a new metric called ETH Concentration, which grew to 2.37 ETH per 1,000 diluted shares outstanding, up from 2.00 in three weeks.
SharpLink Gaming's position in cryptocurrency is strengthening, demonstrating the company’s activity in the digital asset space and commitment to responsible asset management.
