Aug 26, 01:40 PM

SharpLink Gaming Buys $252 Million in Ether, Treasury Nears $3.6 Billion

SharpLink Gaming, the world’s second-largest corporate holder of ether, said it acquired 56,533 ETH for about $252 million last week, lifting its treasury to 797,704 ETH valued near $3.6 billion. The Minneapolis-based firm’s latest purchase, disclosed on 26 August, means it now controls roughly 0.6 percent of the cryptocurrency’s total supply. The company financed the buying spree with $360.9 million raised through an at-the-market stock issuance and still holds roughly $200 million in cash earmarked for additional ether purchases. Co-CEO Joseph Chalom reiterated that SharpLink remains focused on reaching its interim goal of 1 million ETH by mid-September as part of a strategy to enhance long-term shareholder value and support the Ethereum network. SharpLink’s accumulation comes amid a wave of large-scale buying. On-chain data show nine unidentified “whale” wallets purchased about $456.8 million of ether on Tuesday, while a veteran Bitcoin investor has unloaded more than 23,000 BTC since last week to build a combined spot and derivatives position of roughly 641,000 ETH valued at nearly $2.9 billion. Ether last traded near $4,520, down slightly on the day but still close to its recent record above $4,900.