SharpLink Gaming Boosts Ethereum Holdings To $457M
SharpLink Gaming shares rose 7% to close at $9.66 after the company increased its Ether holdings by $30 million, purchasing 12,207 ETH at an average price of $2,513. The total ETH holdings now exceed 188,000, valued at $457.4 million. SharpLink raised $27.7 million by selling 2.54 million shares, primarily to enhance its ETH investment. The entire ETH holding has been staked, generating 120 ETH worth $293,000. Chairman Joseph Lubin emphasized that increasing ETH holdings would create long-term value for shareholders. Despite the recent stock rally, shares are down over 87% from a peak of $79.21 in May. Institutional demand for ETH is rising, with significant leveraged positions being taken despite market volatility. Over 35 million ETH tokens are staked, representing more than 28% of the total supply locked in smart contracts for rewards.
