Stock exchange company SharpLink adds 19,000 Ethereum to a billion-dollar reserve

SharpLink Gaming continues to increase its confidence in Ethereum (ETH). The listed company recently completed a new round of financing and immediately decided to use a large part of it to expand its ETH treasury. While the market struggles with a recent price drop, SharpLink sees opportunity.

New purchase lifts ownership above 850,000 ETH

After the capital injection of $76.5 million, the company again invested heavily in Ethereum. SharpLink purchased an additional 19,271 ETH at an average price of $3,892 per coin. This increases the total holdings to 859,853 ETH, worth approximately $3.4 billion.

Since launching its Ethereum strategy in June, SharpLink has already collected 5,671 ETH in rewards via staking, worth approximately $22 million at the current price of $3,995. Upon staking, coins are temporarily locked up to help secure the network, for which participants receive rewards in Ether.

First listed Ethereum treasury

SharpLink was the first publicly traded company to officially announce an Ethereum treasury strategy in May. It then raised $425 million through a private investment in public equity (PIPE). Since that announcement, SharpLink shares have risen more than 450 percent, according to figures from Google Finance.

With this approach, the company positions itself as one of the pioneers in the crypto-treasury world, where Ethereum is increasingly used as a strategic reserve and source of income.

Bitmine remains the largest Ethereum holder

SharpLink is now the second largest Ethereum treasury holder, right behind Bitmine Immersion Technologies. Bitmine expanded its inventory early this week with a purchase of $250 million worth of ETH and now owns approximately 3.24 million tokens worth nearly $13 billion. According to Chairman Tom Lee, ETH’s recent price drop is “an attractive opportunity with a favorable risk-reward ratio.”

The price of Ethereum fell by about 5 percent last week and almost 10 percent over the entire month. Yet companies continue to show confidence, because according to Strategicethreserve, 69 companies now have an Ethereum treasury with a combined total of around 5.74 million ETH on their balance sheets.