news 
SharpLink Gaming has made a significant milestone by overtaking the Ethereum Foundation in Ethereum holdings (ETH). In a surprising move, SharpLink disclosed that it now holds 280,706 ETH, valued at roughly $840 million. This puts the company ahead of the Ethereum Foundation’s stash worth around $665 million.
The gaming firm made this announcement on July 15, stating that it had acquired an additional 74,656 ETH between July 7 and 13. This brings its total holdings to 280,706 ETH. Notably, SharpLink also revealed that it has raised approximately $413 million to purchase more ETH. However, a staggering $257 million of this amount remains uncommitted to ETH purchases as of July 13.
The company’s treasury strategy focuses on utilizing its ETH stash for staking protocols. This move aims to generate returns rather than simply holding onto the digital currency. So far, SharpLink has earned approximately 94 ETH from its staking business between July 7 and 11, with total earnings since early June standing at 415 ETH.
SharpLink’s plan is to continue accumulating more ETH while monitoring its exposure to the cryptocurrency relative to its capital structure using a proprietary metric called “ETH Concentration.” This calculation divides the total ETH held by 1,000 Assumed Diluted Shares Outstanding.
This development comes as other conventional firms explore crypto-based treasuries. The Strategy by Michael Saylor holds BTC worth $73 billion, while DeFi Development Corp. holds SOL valued at more than $100 million with plans to acquire more in the future.
Source: fullycrypto.com
