SharpLink Purchases Record Amount of Ethereum
SharpLink Gaming recently added 143,593 ETH to its portfolio, spending around $667.4 million. This significant buy occurred between August 10th and 17th.
According to the SEC filing, each ETH was bought at approximately $4,648. This price was close to Ethereum’s all-time high. As of August 17th, SharpLink’s total ETH holdings reached 740,760 tokens, now valued at about $3.2 billion.
- Raised $537 million through ATM and direct offerings.
- Purchased 143,593 ETH at around $4,648 per token.
- Earned 1,388 ETH in staking rewards since operational launch in June.
SharpLink invests heavily in Ethereum even though the cryptocurrency is known for its high volatility. Most of SharpLink’s ETH is staked, allowing the firm to earn additional tokens as rewards.
However, not all investors are convinced by SharpLink’s strategy. Despite the massive ETH purchase, the company’s stock (trading as SBET) has fallen by 19.85% over five days. The drop could be due to Ethereum’s own price dip, from $4,788.55 to $4,207.22,following a market correction after an ETF-driven surge.
While SharpLink bets big on Ethereum, the stock remains a risky investment because of its reliance on both debt and equity financing.
