SharpLink Gaming Surpasses Ethereum Foundation in Terms of ETH Holdings, Commits Millions to Further Purchases and Staking Protocols

SharpLink Gaming has made a significant announcement, surpassing the Ethereum Foundation in terms of its ETH holdings. As reported by Fully Crypto, the gaming company now holds 280,706 ETH valued at approximately $840 million.

In an astonishing move, SharpLink revealed that it acquired 74,656 ETH between July 7 and 13, bringing the total holding to a staggering 280,706 ETH. Furthermore, the company has committed roughly $413 million to purchasing even more ETH, with a significant portion of this amount yet to be allocated towards these purchases as of July 13.

It’s noteworthy that 99.7% of SharpLink’s ETH stash has been committed to staking protocols, aiming to generate returns on its treasury. The company claims it has earned approximately 94 ETH from its staking business between July 7 and 11, with the total earnings since early June being 415 ETH.

SharpLink plans to continue accumulating more ETH and 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.

As SharpLink surpasses the Ethereum Foundation in terms of ETH holdings, it remains to be seen whether this development will prompt other conventional firms to adopt crypto-based treasuries.

Source: fullycrypto.com