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SharpLink Nears $2B in Ether Holdings, Targets 1M ETH Treasury
Ethereum treasury firm SharpLink is swiftly approaching a significant milestone as it has now accumulated an impressive amount of Ethereum (ETH) worth close to $1.9 billion. This substantial accomplishment comes after acquiring 83,561 ETH for $264.5 million at an average price of $3,634 between July 28 and August 3.
As announced on Tuesday, SharpLink currently holds a staggering 521,939 ETH, marking a significant increase in its holdings since it began this strategy on June 2. Notably, the company’s Ethereum-per-share has increased by 83% during this time frame, now standing at 3.66.
Moreover, all of these assets are staked and have garnered 929 ETH worth more than $3.3 million in cumulative staking rewards so far. This remarkable growth demonstrates SharpLink’s aggressive accumulation of Ether, which is an astonishing feat considering the company is striving to reach its target of 1 million ETH treasury.
SharpLink’s ambitions seem justified by its current progress, as it has already secured a significant portion of this milestone in just over two months. Interestingly, Ethereum treasury firms have seen immense growth recently, with top three entities now holding a massive 1.7 billion ETH – representing around 1.4% of the total supply.
ETH Price Outlook
The Ethereum market appears to be cooling off following July’s substantial rally. As a result, ETH prices took a 2% hit on the day. The asset had briefly dropped to $3,575 during the Wednesday morning Asian trading session but remained within its three-week range-bound trading channel. However, if ETH falls below $3,400, it could potentially signal a loss of momentum and trigger a more substantial correction.
Sources:
Source: cryptopotato.com
