Ether Treasury Race Heats Up: SharpLink Gaming Buys 79,949 ETH in a Week
Last week, SharpLink Gaming, which is backed by Joseph Lubin, reported a 29% increase in its Ether stack. This occurs as more organizations engage in a treasury race for Ethereum by using financial markets to finance corporate cryptocurrency acquisitions. According to a release on Tuesday, the Nasdaq-listed company increased its total holdings to 360,807 ETH after purchasing 79,949 ETH between July 14 and July 20 at an average price of $3,238. Through its at-the-market program, the corporation also issued 3.8 million shares to raise $96.6 million, which is still open for additional purchases.
SharpLink Grows ETH Holdings, Staking Rewards, and Share Price in Bold Move
Since mid-June, SharpLink‘s proprietary “ETH Concentration” index, which measures shareholder exposure to the second-largest asset in cryptocurrency, has increased by 53% to 3.06. In the meantime, since the Treasury strategy announcement on June 2, cumulative staking incentives have increased to 567 Ether.
Following a 12% decline at Monday’s closing, SBET shares increased 7% shortly prior to the opening of the U.S. market, according to Yahoo Finance statistics. The announcement comes after last week’s expanded common stock offering, which now seeks to raise $6 billion instead of $1 billion to finance its plan to accumulate Ethereum.
SharpLink Faces Competition as Ether Machine Plans Nasdaq Debut With 400K ETH
Despite being the biggest publicly listed Ether holder at the moment, SharpLink’s leadership position is up against fierce competition. The Ether Machine announced on Monday that it would list on the Nasdaq with approximately 400,000 ETH on its balance sheet, funded by up to $1.6 billion in committed cash. BitMine Immersion intends to accumulate even more tokens for its corporate treasury, and last week, its holdings surpassed $1 billion.
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