SharpLink Gaming announced the purchase of an additional 19,271 ETH. The acquisition was completed following a $76.5 million capital raise on Friday. This action reinforces the firm’s Ethereum treasury strategy, bringing its total holdings to $3.5 billion, according to a press release on Tuesday.
The company detailed the acquisition in its statement. It purchased the 19,271 ETH at an average cost of $3,892 per token. Its total holdings now amount to 859,853 ETH. This values its position at approximately $3.5 billion. Besides growth from purchases, SharpLink benefits from staking. It has generated 5,671 ETH in rewards since June.
These rewards are equivalent to over $23.25 million at the current price. Staking allows the firm to generate passive yield on its assets while validating the network. SharpLink was a pioneer among listed companies by announcing its ETH strategy on May 27. This decision has been well-received by the market. The company’s shares have risen over 450% in the last six months, according to Yahoo Finance data.
Why are large companies buying ETH during the market correction?
SharpLink is not alone in this trend. Bitmine Immersion Technologies actually holds the largest corporate ETH reserve. Bitmine just bought another $250 million in ETH on Monday. Its total reserves reach 3.24 million tokens. This represents $13 billion and 2.74% of the total ETH supply. Both purchases occurred while ETH has fallen 14% in 14 days. Bitmine President Tom Lee stated that this “price distortion” represents an attractive risk-reward opportunity. This view seems to be shared by other institutions seeing value in the dip.
The trend of companies adopting ETH as a reserve asset continues to grow. Ether Machine is positioned as the third largest, holding 496,710 ETH. This fund is focused on institutional investors seeking yield. Currently, a total of 69 firms hold 5.74 million ETH in their treasuries. This corporate accumulation during downturns suggests strong long-term confidence in the Ethereum ecosystem and its staking capabilities. Investors are watching to see if more public companies will follow this path.
