SharpLink Gaming boosts its ETH holdings by nearly 80,000 amid rising competition, setting a new weekly corporate accumulation record.
SharpLink Gaming has added more Ethereum to its balance sheets in a week that broke corporate records.
Ethereum traded at $3,700 during the purchase announcement, while SBET stock was down about 1%.
In One Week, SharpLink Gaming Adds 79,949 ETH
With a new haul, SharpLink Gaming has increased its lead as the biggest corporate ETH holder, according to a press statement.
At an average purchase price of $3,238 per coin, the corporation has acquired an astonishing 79,949 ETH for $258 million over the past seven days.
The purchase is the biggest weekly purchase made by SharpLink Gaming, increasing its holdings to 360,807 ETH, a 29% rise from the week before.
The company’s ETH concentration is currently 3.06, and the press release confirms that from June 2, staking incentives have increased to 567 ETH.
While SBET stock fell short of market expectations, ETH reached a six-month high of approximately $3,800 at the purchase announcement.
After displaying glimmers of a rally during premarket hours, SBET is currently down by almost 1%, according to TradingView data as of this writing.
“The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value through disciplined execution of our treasury growth strategies,” said SharpLink Gaming Chairman Joseph Lubin.
Even if SharpLink is at the top, the new Ether Machine, which has $1.6 billion in ETH capital, threatens its position.
At debut, Ether Machine’s balance sheet will have more than 400,000 ETH than SharpLink’s.
With more than 300,000 ETH on its balance sheet, BitMine Technologies is a fierce rival of Ether Machine for SharpLink Gaming.
To achieve its goals of acquiring the most altcoin, SharpLink has already bought 10,000 ETH from the Ethereum Foundation.
Joseph Lubin Claims That Signing GENIUS Act Will Disrupt ETH Treasury Operations
Lubin has praised the GENIUS Act’s enactment as a significant step forward for Ethereum.
The new rule clarifies Ethereum treasury firms’ eagerness to include the asset on their balance sheet, according to the CEO of Consensys.
“We think this creates a more encouraging atmosphere for businesses like SharpLink not only to function and expand, but also to utilize Ethereum’s potential fully,” Lubin stated.
SEC Chair Paul Atkins revealed that the agency does not view Ethereum as a security amid the new regulatory clarification.
In the meantime, ETH ETFs are experiencing historically unheard-of inflows due to the favorable cryptocurrency laws.
Ethereum has gained 19.87% over the past seven days and is currently trading at $3,674.
