Nasdaq-listed gaming company SharpLink Gaming has acquired more Ethereum than the network itself. In one week, the company amassed over 280,000 ETH.
Massive Ethereum Acquisition
From July 7 to July 13, SharpLink Gaming significantly increased its Ethereum reserves, purchasing 74,656 ETH for around $213 million. The total ETH held by the company now stands at 280,706, worth approximately $881 million, surpassing the Ethereum Foundation, which holds about 196,354 ETH valued at $617.77 million.
Market Impact
Founded as an innovator in iGaming and sports betting, SharpLink's dramatic accumulation has resulted in a significant spike in its stock price. SBET surged 21.31% during regular trading, closing at $28.97. In after-hours trading, the stock rose another 11.32% to reach $32.25.
Long-Term Outlook for Ethereum
Ethereum shows a 5.8% gain in the last 24 hours and a 20.7% increase over the past week. Over the last two weeks, ETH has jumped 28.8%, and 22.0% in the past month, now sitting just 9.3% below its level from 12 months ago.
SharpLink Gaming's aggressive accumulation of Ethereum, along with the price growth of ETH, highlights the rising importance of crypto assets in the market and growing interest from companies.
