Sharplink Gaming becomes the top public ETH holder with a $463M purchase, establishing its Ethereum treasury reserve with the initial acquisition.
Sharplink Gaming has formally established its Ethereum Treasury Reserve by purchasing its initial ETH.
The company has also become the largest publicly traded ETH holder, paving the way to corporate adoption of the largest altcoin by market cap.
Sharplink Gaming Acquires 176,271 ETH For Ethereum Treasury
The company announced in a press release that it had acquired 176,270.69 ETH for an aggregate purchase price of $462,947,816 and an average price of $2,626 per ETH.
The company has become the world’s largest publicly traded holder of ETH due to this acquisition.
Additionally, Sharplink Gaming is the second-largest holder, trailing only the Ethereum Foundation.
As reported by Coingape, the Ethereum Treasury was established by the company through a private placement offering that raised $425 million.
The company also disclosed that it raised an additional $79 million in approximate gross proceeds through its at-the-market (ATM) facility in addition to this private placement offering.
The organization allocated most of the ATM proceeds to finance additional ETH acquisitions, accounting for the $462 million used to fund this acquisition.
Sharplink Gaming also disclosed that these collective purchases have resulted in an 11.9% increase in ETH per share since June 2, which occurred earlier this month.
The company has also allocated more than 95% of its ETH holdings to staking and liquid staking solutions, thereby generating native yield and contributing to the security of the Ethereum network.
SBET’s Stock Remains Negative
TradingView data indicates that the SBET stock continues to decline in response to this announcement.
The stock is currently trading at approximately $10, a decline of over 66% in pre-market trading.
It is important to note that Sharplink Gaming’s stock experienced a 73% decline in after-hours trading on June 12.
Since the company disclosed its intention to establish an Ethereum Treasury, SBET has sustained a substantial increase in value despite this decline.
According to MarketWatch data, the stock has experienced a nearly 1,000% increase in the past month.
Additionally, SBET has experienced a year-to-date (YTD) growth of more than 300%.
In the interim, the Ethereum price remained unaltered in defiance of Sharplink Gaming’s ETH acquisition announcement.
The altcoin is trading at approximately $2,500, a decrease of nearly 7% in the past 24 hours, according to CoinMarketCap data.
