Digital asset investment firm SharpLink has bolstered its Ether position by purchasing an additional 83,562 ETH valued at approximately $264.5 million.
Increase in Ether Holdings
This recent acquisition, completed between July 28 and August 3, has elevated SharpLink's total Ethereum holdings to 521,939 ETH, currently worth around $1.91 billion. All of SharpLink's Ether is staked within Ethereum's proof-of-stake network, enabling the firm to generate ongoing rewards. To date, the cumulative staking gains have reached 929 ETH, equivalent to more than $3.3 million. The effectiveness of SharpLink's investment approach is measured by an ETH-per-share metric, known as ETH concentration, which has surged by 83% since the company's initial Ether investments, reaching a current level of 3.66.
SharpLink in Ether Treasury Rankings
Continuing its aggressive accumulation since June, SharpLink made headlines after its initial $463 million ETH purchase, once the largest public holding. However, BitMine Immersion Technologies has recently taken the lead, adding 208,137 ETH and amassing 833,137 ETH, worth over $3 billion. With Ether prices around $3,700, BitMine ranks as the fourth-largest crypto treasury, surpassed only by Strategy, MARA Holdings, and Twenty One Capital.
Outflows from Ethereum ETFs
SharpLink's enhanced Ether position comes amid record daily withdrawals from spot Ether exchange-traded funds. Data from SoSoValue indicates a $465 million net outflow from Ethereum-based ETFs on Monday, the highest since their inception. The iShares Ethereum Trust (ETHA) by BlackRock suffered the largest outflow of nearly $375 million, followed by Fidelity Ethereum Fund (FETH) with $55.11 million.
SharpLink's actions reflect a strong confidence in Ethereum as it significantly increases its holdings. Meanwhile, other firms are also ramping up their Ether reserves, and the current trends in the ETF market indicate growing liquidity pressures in the sector.
