SharpLink Gaming said it now holds roughly 205,634 ether, acquired at an average price of about $2,604 each for a total cost basis near $535.6 million. At Tuesday’s market price, the trove is valued at around $522.8 million, leaving the Minneapolis-based sports-betting technology firm with an unrealized loss of about 2.4 percent. The company disclosed that it bought an additional $20 million of ether between June 28 and July 4 as it accelerates a strategy to make the cryptocurrency a core treasury reserve asset. The accumulation lifts SharpLink’s ether position above the half-billion-dollar mark, making it one of the largest corporate holders of the token outside the Ethereum Foundation. SharpLink shares rose as much as 12 percent in early Nasdaq trading on July 8 after the latest purchase announcement. On July 7, Chief Executive Rob Phythian joined Ethereum co-founder Joseph Lubin to ring the exchange’s closing bell, underscoring the company’s commitment to the blockchain network. SharpLink’s move comes amid a broader shift by mid-cap corporations toward holding ether on their balance sheets. GameSquare Holdings, for example, has authorized up to $100 million in future ether investments. Market commentators say the race is on for a publicly traded company to become the first with a US$1 billion ether treasury.