Sharplink pushes Ethereum Foundation of Throne as the largest business ETH owner

Sharplink Gaming Inc. (SBET), an American tech company that focuses on developments for the online sports betting solutions, has rapidly worked on the largest listed owner of Ethereum (ETH).

It has now even ended the Ethereum Foundation. With a treasury of 280.706 ETH, the company has firmly anchored its position. This is apparent from data from Arkham Intelligence.

Massive ETH purchases through stock sales

Between 7 and 13 July, Sharplink purchased a total of 74,656 ETH at an average price of $ 2,852 each, good for an investment of around $ 156 million. These purchases were financed through a so-called ‘ATTH-Market’ sharing sale program, which the company yielded 413 million dollars in just four days. Of this raised amount, $ 257 million is still available for future ETH purchases.

The total value of Sharplink’s ETH stock, at a market price of approximately $ 3,000 per ETH, has since risen to around 858 million dollars. With that, the company leaves the Ethereum Foundation behind, which, according to Arkham, has 196,354 ETH worth around 591 million dollars. It is striking that Sharplink immediately bought 10,000 ETH from the Ethereum Foundation last week.

Ethereum as a strategic reserve

Sharplink unveiled his new strategy in May, with Ethereum serving as a primary treasury reserve. At the same time, it raised $ 425 million through a private placement, led by Consensys. Ethereum co-founder and Consensys CEO Joseph Lubin was then appointed chairman of Sharplink.

Since then, Sharplink has secured 99.7 percent of his Ether through a strike. This earns passive rewards for supporting the blockchain network. In this way the company has now generated 415 ETH of rewards. In the past week alone, 94 ETH was earned with a strike.

With this strategic approach, Sharplink supports a growing group of companies such as Strategy, Metaplanet, Bitmine Immersion and Bit Digital. All these companies use the same strategy, with which Strategy was the first to start, to collect large quantities of crypto in an aggressive way. Sharplink now clearly takes the lead under the institutional ETH owners.