SharpLink Gaming, the largest corporate holder of Ethereum, on Tuesday said it increased its total ETH holdings to 360,807 ETH worth over $1.33 billion, continuing its massive ETH accumulation spree. As a result, Ethereum co-founder Joseph Lubin-backed firm’s SBET stock price climbed 6% in pre-market trading hours.
SharpLink Gaming Buys 79,949 ETH Worth $258 Million
Nasdaq-listed SharpLink Gaming acquired 79,949 ETH worth $258 million between July 14-20, the largest purchase to date. The ETH were purchased at an average price of $3,238, according to an official announcement on July 22.
“We continue to strategically leverage our ATM facility to build our ETH treasury in pursuit of our long-term growth objectives,” said SharpLink chairman Joseph Lubin. “The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value,” he added.
The firm still has $96.6 million on hand to buy more ETH in the coming days. Moreover, the firm also reported total staking rewards increased to 567 ETH since it launched its digital treasury strategy on June 2.
As The Crypto Times reported earlier, SharpLink gaming expanded its ETH treasury to over $1 billion after purchasing ETH worth $70 million. The firm surpassed the Ethereum Foundation in total strategic Ethereum reserve.
Stock Price and ETH Price Rebound
SBET stock price opened more than 5% higher at $26.50 on Tuesday. The stock price rallied over 156% in a month and almost 230% year-to-date, as per Yahoo Finance.
Ethereum price rebounded above $3,700 after SharpLink Gaming expanded its ETH stash to over $1.33 billion. The price currently trades nearly 3% lower at $3,702, with a 24-hour high and low of $3,624 and $3,856, respectively.
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