SharpLink Gaming surpasses the Ethereum Foundation by purchasing 270,000 ETH.
With 270,000 ETH, SharpLink Gaming, a firm listed on the Nasdaq, has surpassed the Ethereum Foundation as the largest known holder of Ethereum (ETH). With $81 million in unrealized gains, SharpLink’s Ethereum investment is currently valued at over $720 million, per EmberCN blockchain analytics. They have been accumulating Bitcoin in a manner akin to MicroStrategy’s since early June.
SharpLink spent $180 million buying 60,582 ETH in the last five days. They added 16,374 ETH for $50 million in the past day. The majority of these purchases were made over-the-counter (OTC) to minimize market volatility, which has shocked the community.
Last week, SharpLink further cemented their status as the largest Ethereum holder by purchasing more than 10,000 ETH directly from the Ethereum Foundation.
Strategic ETH Buying Pays Off
The average price per ETH for SharpLink is about $2,667. They are sitting on a paper gain of $81.8 million because ETH is currently above that. This strong purchasing demonstrates institutional faith in Ethereum’s potential and long-term usefulness.
SharpLink’s stock (SBET) has surged after the news:
60% for the previous month
275% so far this year
This price movement demonstrates investor confidence in both Ethereum and SharpLink’s cryptocurrency approach. Ethereum accumulation is currently being investigated by other businesses, such as GameSquare.
ETH Price Rises With Institutional Support
Over the past week, ETH has increased by 18% and surpassed $3,000. Both institutional and retail investors are optimistic as the daily trading volume has increased 43% to $25 billion.
Last week, Ethereum ETF inflows reached $900 million, the highest level since the debut. Eric Jackson, the founder of EMJ Capital, anticipates that ETFs will have staking capabilities before October 2025.
Jackson predicted that ETH will reach $10,000 and stated, “Once that happens, ETH will be the first yield-bearing crypto ETF in US history.”
The ETH story is becoming more compelling due to growing adoption, institutional inflows, and corporate treasuries like SharpLink’s.
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