SharpLink Gaming Expands Ether Holdings with Major Acquisition

According to Cointelegraph, SharpLink Gaming, the second-largest corporate holder of Ether, has significantly increased its cryptocurrency holdings by acquiring an additional 77,210 Ether, valued at $295 million. This acquisition surpasses the network's net issuance of Ether over the past month, which was recorded at 72,795 ETH, as per Ultra Sound Money. The company has staked a substantial portion of the newly acquired Ether to earn staking rewards. Following this recent purchase, SharpLink's total Ether holdings have exceeded 438,000 ETH, with a valuation surpassing $1.69 billion, according to Lookonchain. This positions SharpLink as the second company to hold more than $1.5 billion worth of Ether in its treasury, following Bitmine Immersion Tech, which leads with holdings exceeding $2 billion. In a recent social media post, the firm highlighted the continuous operation of Ethereum, stating, "Banks close on weekends. Ethereum runs 24/7." In a strategic move to bolster its financial capabilities, SharpLink filed an amended prospectus in July to increase its stock sale from $1 billion to $6 billion, with the majority of the proceeds earmarked for further Ether acquisitions. The company is also on a talent acquisition spree, having recently appointed Joseph Chalom as its new co-CEO. Chalom brings two decades of experience from BlackRock, the world's largest asset management firm, and will be instrumental in shaping and executing SharpLink's global strategy. Additionally, in May, the company appointed Consensys CEO Joseph Lubin as chairman of its board of directors. The increasing corporate and institutional interest in Ether, particularly through ETFs, is contributing to a potential supply shock. Such purchases can theoretically drive up the price of Ether. BitMine Immersion Technologies, for instance, recently announced its holdings of over 566,000 ETH, valued at more than $2 billion, and revealed plans to hold at least 5% of Ether's total supply, equating to 6 million Ether worth over $23 billion. Currently, corporations and ETFs collectively hold 6.73% of Ether's total supply, amounting to 8.12 million Ether valued at more than $31 billion, according to Strategic ETH Reserve.