SharpLink is a Nasdaq listed company that now has more Ethereum than any other public company. It stakes 95% of its ETH to provide passive returns for investors and increase Ethereum’s safety.
SharpLink Gaming announced On June 13, it announced that the company had acquired 176,270.69 Ether.ETH) tokens for $462,947,816, positioning itself as the second-largest ETH holder globally, just behind the Ethereum Foundation.
The iGaming titan is the biggest publicly listed ETH holder and has invested over 95% to produce yields while also contributing to Ethereum network security. SharpLink’s decision to use ETH for its treasury is a statement of the future of cryptocurrency on Wall Street.
SharpLink buys ETH
SharpLink’s accumulation of ETH has been accelerated by a $79-million capital raise. This led to an 11.8% rise in the value of ETH per Share since early June.
“We believe Ethereum is foundational infrastructure for the future of digital commerce and decentralized applications. Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital,” Rob Phythian Chief Executive of SharpLink Gaming.
SharpLink’s decision to move was not a coincidence. The institutional adoption of Ethereum has gained unprecedented legitimacy as the U.S. Congress moves forward with landmark legislation on stablecoins and digital assets market structures.
Joseph Lubin – SharpLink chairman, Ethereum founder, and Consensys chief executive – framed the purchase as a turning point for institutional adoption of crypto.
SharpLink’s decision is catalytic and timely, he believes. It could accelerate the adoption of Ethereum as a technology base for digital infrastructure around the world.
SharpLink’s half-billion dollar bet is more than just a hedge on the price of ETH. The company bets on Ethereum as a backbone for decentralized finance and digital ownership. It also hopes to use it in next-generation internet infrastructure.
SharpLink, if Congress provides clear crypto regulations in the future, may look like less of a pioneer than an early adopter.
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Source: crypto.news
