Following its initial major purchase of Ethereum in mid-June, Nasdaq-listed SharpLink Gaming has executed another significant acquisition. According to an announcement released on Tuesday, the company invested approximately $30.7 million between June 16 and 20 to acquire an additional 12,207 ETH at an average price of $2,513 per coin.
This marks the second major purchase by SharpLink Gaming this month. Earlier, on June 13, the company had allocated $463 million to acquire 176,270 Ethereum in a single transaction. Combined, these two acquisitions bring SharpLink’s total Ethereum holdings to 188,478 ETH.
Based on data from the on-chain analytics platform Arkham, SharpLink Gaming is now the second-largest Ethereum holder, trailing only the Ethereum Foundation, which currently holds 213,072 ETH.
In addition to its aggressive acquisition strategy, SharpLink has also made noteworthy moves in the capital markets. The company raised $27.7 million through an at-the-market (ATM) equity offering, issuing 2.547 million shares. All proceeds were directed toward purchasing more Ethereum.
Furthermore, SharpLink revealed that it has staked its entire Ethereum treasury. Since initiating its staking activities on June 2, the company has already earned 120 ETH in staking rewards, valued at approximately $294,000.
Joseph Lubin, Chairman of SharpLink Gaming and co-founder of ConsenSys, a major blockchain infrastructure firm, commented:
SharpLink’s growing Ethereum position highlights our forward-looking strategy to create long-term shareholder value. As digital assets like Ethereum increasingly shape the future of finance and technology, we are positioning SharpLink at the intersection of blockchain innovation and interactive gaming. This is not only an endorsement of Ethereum’s potential but also a concrete step in our mission to leverage disruptive technologies and create new value for the enterprise.
The ability of SharpLink to mobilize significant capital for its Ethereum strategy is largely attributed to its relationship with ConsenSys. On June 2, ConsenSys led a $425 million private investment round that provided SharpLink with the necessary capital to enter the Ethereum ecosystem, including staking and DeFi. Following the completion of this funding round, Joseph Lubin assumed the role of Board Chairman, further solidifying the strategic partnership between the two entities.
Frequently Asked Questions
Why is SharpLink Gaming investing so heavily in Ethereum?
SharpLink views Ethereum as a cornerstone of future financial and technological infrastructure. Their investment is part of a long-term strategy to create shareholder value and position the company at the forefront of blockchain adoption, particularly where it intersects with interactive entertainment.
What does it mean to stake Ethereum?
Staking involves locking up cryptocurrency to help secure a proof-of-stake blockchain network, like Ethereum. In return, participants earn rewards. It is a way to generate passive income from digital asset holdings. 👉 Learn more about staking rewards
How does staking benefit a publicly traded company like SharpLink?
Staking allows companies to generate yield on their digital asset treasury. This can provide a new revenue stream and improve returns on corporate capital, all while supporting the security and operations of the blockchain network.
What is an at-the-market (ATM) equity offering?
An ATM offering allows a company to incrementally sell shares into the open market at prevailing prices to raise capital. It provides flexibility compared to a traditional lump-sum offering and is often used to fund specific corporate initiatives, such as SharpLink’s Ethereum acquisition strategy.
Who is ConsenSys and what is their role in this strategy?
ConsenSys is a leading blockchain software company focused on Ethereum-based infrastructure and applications. Its co-founder, Joseph Lubin, now chairs SharpLink's board, and the firm led a major funding round that provided the capital for SharpLink’s entry into the Ethereum ecosystem.
Is holding Ethereum considered a risky treasury strategy for a corporation?
While potentially offering higher returns than traditional assets, Ethereum is a volatile asset class. Corporate adoption is growing, but it requires robust risk management and a long-term perspective to align with treasury objectives.