SharpLink Gaming has boosted its Ether treasury to 859,853 ETH, valued at approximately $3.5 billion, following a $76.5 million capital raise completed on Friday.
The company revealed the acquisition of an additional 19,271 ETH at an average price of $3,892 per Ether (ETH) in a press release on Tuesday.
Since launching its Ethereum treasury strategy in June, SharpLink has earned 5,671 ETH in staking rewards. Based on current prices around $4,100 per ETH, these rewards amount to approximately $23.25 million.
Staking allows SharpLink to utilize its ETH holdings as validators on Ethereum’s proof-of-stake network, converting part of its treasury into a yield-generating asset through rewards.
SharpLink was the first publicly traded company to announce a treasury strategy focused on Ethereum’s native token Ether on May 27, beginning with a $425 million initial private investment in public equity (PIPE).
In the past six months, the company’s stock price has surged by over 450%, as reported by Yahoo Finance.
Related: Ether retail longs metric hits 94%, but optimism may be a classic bull trap
Bitmine capitalizes on ETH price decline
Sharplink currently holds the position of the second-largest Ethereum treasury asset company, following Bitmine Immersion Technologies, which initiated its treasury on June 30 with a $250 million private investment.
On Monday, Bitmine acquired an additional $250 million in ETH, raising its total holdings to approximately 3.24 million tokens, valued at over $13 billion at the time of writing.
The company now controls 2.74% of the total supply, putting it more than halfway toward its goal of acquiring 5% of all ETH in circulation. Bitmine Chairman Tom Lee stated that the current “price dislocation represents an attractive risk/reward.”
Over the last 14 days, ETH’s price has decreased by about 14%, and around 9.6% over the month, according to data from CoinGecko as of this writing.
Holding ETH and other proof-of-stake assets provides an opportunity for staking these assets for yield, earning rewards for validating network transactions and thereby generating passive income.
Ether Machine, the third-largest Ethereum treasury company with 496,710 ETH, launched on July 21 as a yield-bearing Ether fund targeting institutional investors.
According to data from Strategicethreserve.xyz, there are currently 69 Ethereum treasury companies collectively holding 5.74 million ETH.
Magazine: Sharplink executive surprised by level of BTC and ETH ETF holding: Joseph Chalom
