SharpLink is actively building its Ethereum reserves, demonstrating significant growth and strategic financial moves in the cryptocurrency sector.
Increase in Ethereum Reserves
Currently, SharpLink's reserves amount to 797,704 ETH, valued at approximately $3.6 billion. Over the past week, the company acquired 56,533 ETH at an average price of about $4,462. Total staking rewards reached 1,799 ETH since the accumulation began on June 2.
Funding and Share Price
SharpLink has been financing its Ethereum purchases through the sale of shares on the market. Recently, the company raised $360.9 million through these sales, but this influx has led to an increase in the shares available on the market, resulting in a drop in share price from a peak of $37.38 to the current $19.83. In response, the company's board has approved a stock buyback program up to $1.5 billion.
Future Plans of the Company
SharpLink plans to continue its aggressive accumulation strategy for Ethereum and currently has about $200 million in cash reserves for further ETH purchases. The company's strategy focuses on growth and strengthening its position in the cryptocurrency market.
SharpLink is showcasing strategic actions in the Ethereum market, planning further purchases and increasing its reserves. This movement may influence market conditions and price trends in the cryptocurrency sector.
