Previously known as a sportsbook marketing company, SharpLink has announced that it is now the largest corporate holder of Ethereum following transactions that boosted its holdings in the cryptocurrency.
Purchase of $213 Million Worth of ETH
SharpLink acquired an additional $213 million worth of Ethereum, allowing it to secure the top position among corporate holders of this cryptocurrency.
Staked ETH and Revenue
Currently, 99.7% of SharpLink's Ethereum is staked. These tokens have generated the company $51.82 million in ETH revenue.
SharpLink's Strategy and Future Accumulations
In May, SharpLink decided to adopt Ethereum as its treasury reserve asset, beginning this strategy by raising $425 million with the help of Ethereum developer Consensys. As Joseph Lubin previously noted, SharpLink plans to continue accumulating ETH, drawing parallels to MicroStrategy founder Michael Saylor's approach.
By strengthening its position in the Ethereum market, SharpLink demonstrates its commitment to using cryptocurrency as a strategic asset, which may significantly impact the company's future and financial stability.
