SharpLink has an Ethereum holding valued at $3.5 Billion, a solid anchor in its balance sheet. This was reinforced by the purchase of 19,271 Ethereums that it made in October.
You can read more about it here:
- SharpLink increased its Ethereum holdings from 19,271 Ethereum in October to 859.853 Ethereum valued at $3.5 Billion.
- Since June, the company has doubled its ETH concentration to 4.0. Staking operations have generated rewards of 5,671 ETH.
- SharpLink stock dropped 2.1% after the announcement despite the accumulation. This extended a decline of 66% from the July highs.
A press release SharpLink Gaming has boosted its massive Ethereum treasure (dated 21st October).ETH) with the acquisition of 19,271 ETH. This purchase was made at a price average of $3,892 and funded with a capital raising that the company had completed only days earlier.
“The capital raise completed last week was executed at a premium to NAV. Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital,” Joseph Chalom, co-CEO of SharpLink said.
SharpLink has increased its Ether token holdings by 859,853 to date, confirming its status as the world’s largest corporate holder of this asset. The total value of SharpLink’s ETH and its cash reserves now totals approximately $3.5 billion.
SharpLink increases its Ethereum stake as ETH concentrations double
SharpLink’s Treasury Strategy includes SharpLink’s proprietary “ETH Concentration” The metric has reached 4.0, doubling since June when the program was launched. This is the amount of ETH including tokens for liquid staking per 1,000 diluted stocks.
SharpLink actively puts its massive holdings to use, going beyond simple accumulation. Since June, SharpLink has generated 5,671 Eth in rewards. At current exchange rates this is worth about $22 Million.
The market has reacted tepidly to these aggressive Treasury maneuvers. Yahoo Finance reports that SharpLink shares fell by 2.1% in the wake of this announcement. SBET’s share price is still down approximately 66% from July highs. This represents a clear disconnect between the increasing value of its assets and the declining stock prices.
SharpLink announced its announcement just one day before its nearest competitor BitMine revealed its own staggering milestone: a holding in treasury of 3.24 million ETH.
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Source: crypto.news
