TLDR
SharpLink’s recent purchase of 77,210 ETH is worth $295M, increasing its total holdings to $1.7B.
The Nasdaq-listed SharpLink now holds more ETH than the network issued in July.
Joseph Chalom, a former BlackRock executive, joins SharpLink as co-CEO.
SharpLink’s acquisition strategy positions it as a top corporate holder of Ethereum.
SharpLink Gaming has boosted its Ethereum holdings with the acquisition of 77,210 ETH, valued at $295 million. This purchase exceeds the total amount of Ether issued on the network in the last month, further emphasizing the company’s continued strategy of accumulating Ethereum as part of its crypto treasury.
The company, already one of the largest corporate holders of Ethereum, now possesses 438,017 ETH, worth approximately $1.7 billion.
SharpLink Ethereum Purchase Outpaces Network Issuance
SharpLink’s recent ETH acquisition far outpaces Ethereum’s network issuance. According to data from Ultra Sound Money, Ethereum issued only 72,795 ETH in the past 30 days. By securing more Ether than the network could produce, SharpLink’s move reflects its aggressive strategy to leverage Ethereum’s potential.
A significant portion of the purchased ETH was staked, allowing SharpLink to earn staking rewards while continuing to increase its overall crypto exposure.
The purchase, which was reported by on-chain analytics provider Lookonchain, solidifies SharpLink’s position as the second-largest corporate holder of Ethereum. In comparison, Bitmine Immersion Technologies holds the largest corporate Ethereum treasury, exceeding $2 billion in ETH. The combined efforts of these firms could further contribute to Ethereum’s growing institutional presence.
Sharplink Strategic Leadership Moves
SharpLink’s expansion of its crypto treasury coincides with the company’s recent leadership changes. On Friday, the company announced the appointment of Joseph Chalom as its new co-CEO.
Chalom, a veteran of BlackRock, is expected to play a pivotal role in executing SharpLink’s global strategy, particularly in cryptocurrency. His experience at the largest asset management firm will be invaluable as SharpLink navigates its ambitious plans to expand its ETH holdings.
Chalom’s appointment follows the company’s efforts to raise significant capital. Earlier in the month, SharpLink filed an amended prospectus with regulators, aiming to increase its stock sale from $1 billion to $6 billion. Most of the proceeds from this sale are earmarked for Ethereum acquisitions, reinforcing the company’s commitment to Ethereum’s long-term growth potential.
Institutional Influence on Ethereum Supply and Price
The accumulation of Ethereum by corporate players like SharpLink and Bitmine could potentially lead to a supply shortage. A significant portion of Ethereum’s total supply is already held by institutional investors and ETFs.
According to Strategic ETH Reserve, 6.73% of Ethereum’s total supply is now held by corporations and ETFs, amounting to over 8 million ETH worth over $31 billion.
As these corporate entities continue to purchase and hold Ethereum, the reduced available supply could influence the price of ETH. SharpLink’s ongoing strategy suggests that institutional interest in Ethereum is only expected to grow, which could impact the broader market sentiment. Additionally, the staked Ether from SharpLink and similar entities further locks up ETH from circulation, limiting the available supply and potentially pushing prices higher.
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