 
 
Ethereum treasury SharpLink Gaming purchased $252 million in Ethereum last week, the Nasdaq-listed digital asset treasury firm led by Ethereum co-founder Joseph Lubin, announced on Tuesday.
Nearly 800,000 ETH On Balance Sheet
The Minneapolis, Minnesota-based firm’s holdings have grown to almost 800,000 ETH, now worth nearly $3.6 billion, after it bought 56,533 ETH between August 18 and August 24, it said. SharpLink purchased its latest tranche at an average price of around $4,462 per Ether.
“Our regimented execution of SharpLink’s ETH treasury strategy continues to demonstrate the strength of our vision,” said Co-CEO Joseph Chalom in a statement, adding that the firm is committed to “building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem.”
SharpLink, which pivoted its focus from affiliate marketing, first announced it had raised $425 million to create an Ether treasury in May. Since then, it has scooped up more coins as the price of the second-largest cryptocurrency by market cap has soared.
In the last four weeks alone, SharpLink has boosted its holdings from 438,000 ETH to 797,704 ETH. It’s currently the number two Ethereum treasury company when ranked by holdings; BitMine Immersion Tech holds more than double the amount of ETH, with over 1.71 million Ether (roughly $8 billion).
 
The company also said it raised $360.9 million via its at-the-money facility last week during the week ending August 24, and still has approximately $200 million in cash for acquiring more ETH. SharpLink has publicly stated a goal of acquiring 1 million ETH as its first major milestone, a goal which is around 80% completed as of today.
SharpLink also reported that it had generated total staking rewards of 1,799 ETH since launching its Ethereum treasury strategy.
The company also launched a new metric, “ETH Concentration,” which measures ETH holdings per 1,000 assumed diluted shares outstanding. That figure now stands above 4.0, more than doubling since June.
ETH was recently trading at around $4,571 per coin, according to crypto data provider CoinGecko, up 4.7% over the past 24 hours. The coin is about 6.8% below its all-time high of $4,946, which it hit over the weekend.
Source: https://zycrypto.com/joseph-lubins-ethereum-treasury-sharplink-gaming-spends-another-252-million-adding-to-its-eth-stockpile/
