SharpLink Gaming has once again increased its Ether treasury, acquiring $252 million in ETH and raising $360.9 million via its at-the-market (ATM) equity program.
The company now possesses 797,704 Ether (ETH), valued at approximately $3.7 billion, alongside $200 million in cash for additional purchases, which the company announced in a Tuesday update.
“Our disciplined execution of SharpLink’s ETH treasury strategy continues to reflect the strength of our vision,” stated Co-CEO Joseph Chalom, emphasizing the firm’s commitment to “creating long-term value for our stockholders while also supporting the wider Ethereum ecosystem.”
The report indicated that SharpLink acquired 56,533 ETH at an average price of $4,462 per token last week. Additionally, total staking rewards since the launch of its ETH treasury strategy in June have reached 1,799 ETH.
SharpLink’s weekly ETH transactions. Source: SharpLink
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Close to 800,000 ETH in reserve
The Minneapolis-based company has expanded its treasury since June, when it first identified ETH as its core reserve asset. In the last four weeks, SharpLink has elevated its holdings from 438,000 ETH to nearly 800,000 ETH, positioning itself as one of the largest corporate holders of Ethereum worldwide.
The firm also introduced a new metric, “ETH Concentration,” that assesses ETH holdings per 1,000 assumed diluted shares outstanding. This metric now exceeds 4.0, having more than doubled since June.
Alongside its focus on ETH, SharpLink’s board sanctioned a $1.5 billion stock buyback plan last week. This initiative aims to boost shareholder value while the company continues to allocate capital to its crypto strategy.
SharpLink’s stock closed at $0.96 on Monday, decreasing by 6.8% that day before experiencing a slight uptick in after-hours trading.
Related: Following a $400M investment, ETH treasurer eyes stock buyback amidst leverage concerns
Tom Lee anticipates ETH bottom as BitMine invests $21M
On Tuesday, Fundstrat’s Tom Lee projected that Ether would soon hit its bottom, coinciding with his ETH treasury firm BitMine Immersion Technologies purchasing an additional $21 million worth of the token.
In a post on X, Lee referenced a note from Fundstrat’s technical strategist Mark Newton, who commented that ETH appeared to offer “very good risk/reward” near $4,300, possibly rebounding toward $5,400.
This prediction followed BitMine’s acquisition of 4,871 ETH valued at $21.3 million, bringing its total holdings to 1.72 million ETH, worth around $7.5 billion.
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