Key Takeaways

SharpLink Gaming acquired $174M worth of ETH, strengthening its spot among public treasuries. However, Co-CEO Chalom noted the risk associated with these treasury firms.

This year alone, Ethereum [ETH] has seen about eleven U.S. institutions adopt ETH strategies, an honor that was initially reserved for Bitcoin [BTC].

On that note, SharpLink Gaming (SBET) took its total holdings to 837,230 ETH. This followed an announcement that they had acquired another 39,008 ETH, valued at $176.4 million.

In total, the company added about 397,923 ETH in the last 30 days, per CoinGecko data. Their total holdings were at $3.66B at press time, about 0.694% of Ethereum’s total supply.

SharpLink Gaming announces ETH buy

SharpLink paid an average price of $3,603 per token since their July switch to a public company focused on ETH. The king of altcoin’s price of $4,366 indicated that they were in profits at press time.

The firm’s concentration of Ethereum has risen by about 97% since early June. From the data on SharpLink Gaming, the company had earned 2,318 ETH in staking rewards, with their ETH NAV at $3.68 billion.

About 860,369 ETH, valued at $3.7B, were waiting to be staked in September.

However, despite the acquisition and strong fundamentals, their stock (SBET) continued to decline. The last 24 hours saw a drop of more than 4.71%, as price traded at $16.98, per Yahoo Finance Go to Source to See Full Article
Author: Lennox Gitonga