The largest corporate holder of Ethereum, SharpLink Gaming, on Tuesday said it has acquired an additional 12,207 ETH and raised over $27 million to buy more ETH. With the latest purchase, the total Ethereum holdings of the company have reached 188,478 ETH.
SharpLink Gaming Buys 12,207 ETH
SharpLink Gaming disclosed an additional 12,207 ETH for $30,674,829 at an average price of $2,513 per ETH between June 16-20, as per a press release on June 24.
In addition, SharpLink Gaming also raised $27.7 million by selling 2,547,180 shares of the company’s common stock. The company claimed to use the proceeds from these sales to further boost its ETH treasury holdings.
Increasing SharpLink’s ETH holdings underscores our forward-thinking approach to creating long-term value for our stockholders, said Joseph Lubin, chairman of the board of SharpLink. He added “This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders, alike.”
On June 16, SharpLink Gaming made its first acquisition of 176,271 ETH valued at $462.9 million. The company confirmed the move reflects its decision to adopt ETH as its primary reserve asset.
The company has generated 120 ETH rewards since launching its ETH-focused treasury strategy on June 2. SharpLink has achieved ETH per share growth of 18.97% until now.
SBET stock price has jumped 10% to $10.10 on Tuesday, as per Yahoo Finance. Experts believe the company stock may rise similarly to other companies that added crypto to their corporate treasury.
Ethereum Price Jumps
ETH price jumped more than 7% in the past 24 hours, with the price currently trading at $2,437. The 24-hour low and high are $2,191 and $2,446, respectively. Furthermore, the trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.
As The Crypto Times reported, whales and institutions including Joseph Lubin’s ConsenSys have continued their ETH buying spree. A wallet likely linked to ConsenSys purchased another 3,704 ETH worth $8.91 million today.
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