SharpLink added 39,008 ETH to its books, pushing its total holdings to 837,230 ETH. The Nasdaq-listed firm leans into a continuous cycle of raising capital and converting it into Ether, with a massive cash balance signaling more market moves are imminent.
Summary
- SharpLink added 39,008 ETH, raising its total to 837,230 ETH valued at $3.6 billion.
- The Nasdaq-listed firm now ranks as the world’s second-largest corporate holder of Ethereum.
- Its ETH-focused strategy turns SBET stock into a proxy for Ethereum exposure, backed by staking rewards and a rising “ETH Concentration” ratio.
In a press release dated Sept. 2, Minneapolis-based SharpLink Gaming, Inc. announced the acquisition of an additional 39,008 Ether (ETH) last week as part of a strategic deployment of $46.6 million in capital raised through its at-the-market facility.
The purchase brings the company’s total ETH holdings to 837,230 tokens, a stash now valued at approximately $3.6 billion, and leaves it with over $71 million in cash still poised for further conversion into the digital asset.
“We remain opportunistic in our capital raising initiatives and will continue to closely monitor market conditions to maximize shareholder value,” Joseph Chalom, Co-Chief Executive Officer of SharpLink, said.
SharpLink’s Ethereum strategy comes into sharper focus
SharpLink’s pivot positions its stock, SBET, as a novel proxy for Ethereum itself. The company’s stated goal is to align itself with “the future of digital capital,” leveraging its public market status to offer traditional investors a compliant, equity-based avenue into the crypto ecosystem without investors having to manage the underlying technology.
A critical metric underscoring this shift is SharpLink’s proprietary “ETH Concentrat
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Author: Brian Danga
