SharpLink Reveals $601 Million Ethereum Buy as ETH Rally Cools

SharpLink Gaming purchased $601.5 million Ethereum last week, its largest ETH buy over the past month, the company announced on Tuesday. 

The online gambling marketer, which has shifted its focus to become an Ethereum treasury, purchased 143,593 ETH at $4,648 between August 10 and August 15, the company said. That brings SharpLink’s holdings to 740,460 ETH worth a little more than $3 billion as of writing time. 

Ethereum was recently trading at $4,124, down 5.9% in the past 24 hours, according to crypto data provider CoinGecko, as investors fretful about U.S. inflation and wider macroeconomic uncertainties veered away from digital assets along with other risk-on assets. 

The purchase comes as SharpLink speeds toward its goal of acquiring 1% of all circulating ETH, or more than 1.2 million ETH, spearheading a market frenzy that nearly sent the altcoin’s price to an all-time high last week. 

In a Myriad Linea market, 72% of respondents expect SharpLink to hold one million ETH by September 16. (Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt).

Ethereum was trading above $4,700 last Thursday, roughly 2% below its record price of $4,878 in 2021 as institutional investors poured billions into spot ETH ETFs. Since then, the token has fallen more than 10% amid heightened tensions between Russia and Ukraine and ahead of the release of more U.S. economic data this week. 

SharpLink recently raised $390 million in net proceeds from its registered direct offering that closed on August 11. The company also raked in $146.5 million from its ATM facility last week, the proceeds of which will also go toward bolstering its ETH treasury.

The company is one of several ETH-based treasuries that has been buying up the token over the past year. 

Tom Lee’s crypto mining firm Bitmine Immersion became the largest Ethereum treasury in the world, with ETH holdings worth $6.6 billion, the company said Monday in a statement. Meanwhile, EtherMachine and Bit Digital boast stockpiles of the altcoin worth more than $1 billion and $500 million, respectively. 

SharpLink shares were trading at $18.47 on Tuesday, down 8% in the past 24 hours but up 128% in the year to date, according to Yahoo Finance data.