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SharpLink Gaming has made a significant move by overtaking the Ethereum Foundation in Ethereum (ETH) holdings. According to the latest report, the company now holds 280,706 ETH, valued at approximately $840 million.
In contrast, the Ethereum Foundation’s stash is worth roughly $655 million, consisting of around 220,000 ETH. The stark difference highlights SharpLink Gaming’s aggressive strategy towards accumulating and staking its treasury in Ethereum.
The gaming company announced that it has acquired a massive 10,000 ETH from the foundation in an over-the-counter trade, signaling its commitment to becoming the top holder of ETH. This significant acquisition brings the total holding to 280,706 ETH. It is noteworthy that SharpLink Gaming raised roughly $413 million to purchase more ETH.
Out of this sum, approximately $257 million has yet to be committed to ETH purchases as of July 13. The company also revealed that a whopping 99.7% of its entire stash has been dedicated to staking protocols, with the aim of generating returns from its treasury.
Notably, SharpLink Gaming has earned roughly 94 ETH from its staking business between July 7 and 11, with the total earnings since early June amounting to 415 ETH. The gaming company intends to continue accumulating more ETH while monitoring its ETH exposure relative to its capital structure using a proprietary metric known as “ETH Concentration.” This metric calculates ETH Concentration by dividing the total ETH held by 1,000 Assumed Diluted Shares Outstanding.
This dramatic move by SharpLink Gaming marks a significant milestone in the adoption of cryptocurrency treasuries. Other conventional firms are also exploring crypto-based treasuries, with notable examples including Strategy and DeFi Development Corp., which holds SOL valued at over $100 million.
The impact of SharpLink Gaming’s decision to surpass the Ethereum Foundation remains to be seen, but it is likely that this will prompt other companies to adopt a similar strategy.
Source: fullycrypto.com
