SharpLink Boosts Ether Treasury Holdings To Over $3.5 Billion, Trailing BitMine In Pace Of ETH Acquisition ⋆ ZyCrypto

SharpLink Gaming, the Nasdaq-listed Ether (ETH) treasury firm helmed by Ethereum co-founder Joe Lubin, said it bought 19,271 ETH through last week.

The company has amassed roughly $3.5 billion worth of ETH — all while BitMine Immersion Technologies, the worlds biggest corporate ETH holder, continues to widen the gap with consistently sizable Ethereum purchases.

SharpLink Adds $75 Million Worth Of ETH To Holdings

SharpLink Gaming has made its first Ether buy since late August.

The Minneapolis, Minnesota-based firms stash has grown to 859,853 ETH, now worth over $3.5 billion after it bought $75 million worth of tokens in the week ending October 19 at an average price of $3,892 per coin.

To finance the purchases, SharpLink raised $76.5 million in net proceeds over the last week.

“Our top priority remains creating value for shareholders through disciplined execution and a relentless focus on accretive ETH accumulation,” Joseph Chalom, co-CEO of SharpLink, said in a statement. “The capital raise completed last week was executed at a premium to NAV. Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital. This sequence was immediately accretive to shareholders and showcases the precision of our strategy.”

Once a rather obscure gambling marketer, SharpLink in May pivoted to become a crypto treasury, mirroring the model of Michael Saylors Strategy (formerly known as MicroStrategy), which shifted from software development to acquiring Bitcoin in late 2020 after multiple years of lagging share prices.

Instead of buying Bitcoin, SharpLink opted for the industrys second-biggest crypto by market capitalization, Ether.

The firm has now amassed the second-biggest publicly traded ETH treasury thus far. Its acquisition pace trails Tom Lees BitMine Immersion Technologies, which boasts more than 3.24 million tokens, roughly thrice as many as SharpLink.

Ethereum is currently trading for $4,010.90, up circa 0.8% on the week, CoinGecko data shows.