cointelegraph.com
Digital asset investment firm SharpLink added another haul of Ether to its balance sheet, bringing its overall $ETH holdings to almost $2 billion.
On Tuesday, the company said it bought 83,562 Ether ($ETH) worth $264.5 million at an average price of $3,634. The purchases, made between July 28 and Aug. 3, brought the company’s total $ETH holdings to 521,939 $ETH, worth $1.91 billion at current market prices.
The company said that all of its $ETH holdings are staked, allowing it to earn from Ethereum’s native proof-of-stake consensus mechanism. According to SharpLink, its cumulative staking rewards have reached 929 $ETH, worth over $3.3 million.
The company measures the success of its $ETH strategy through an $ETH-per-share metric called $ETH concentration. This shows how much $ETH is backed per outstanding share. SharpLink’s $ETH concentration is now 3.66, up 83% since it started buying Ether.
SharpLink ranks second in $ETH treasury race
The move marks a continuation of the company’s aggressive $ETH accumulation strategy, which began in June.
On June 13, the company announced its first purchase of $463 million in $ETH, making it the largest public holder of Ether. It has since been overtaken by another Ether-stacking company called Bitmine.
BitMine Immersion Technologies added 208,137 $ETH to its holdings on Monday, pushing its overall $ETH stash to 833,137 $ETH, worth over $3 billion.
As $ETH hovered around $3,700, BitMine became the fourth-largest crypto treasury firm, trailing behind Strategy, MARA Holdings and Twenty One Capital.
According to the data tracker Strategic $ETH Reserve, the Ether Machine ranks third in $ETH holdings with 345,000 $ETH ($1.27 billion).
The Ethereum Foundation ranks fourth with 232,600 $ETH, valued at $855 million, while PulseChain ranks fifth with 166,300 $ETH, worth over $611 million.
Related: Staked Ethereum hits all-time high as $ETH tops $2.7K
Spot Ether ETFs record $465 million in outflows
SharpLink’s latest $ETH purchase announcement follows record outflows from spot Ether exchange-traded funds (ETFs).
On Monday, data provider SoSoValue showed that Ethereum-based ETFs saw $465 million in net daily outflows, their highest recorded since launch.
BlackRock’s iShares Ethereum Trust (ETHA) took the biggest hit, seeing nearly $375 million in net outflows. The Fidelity Ethereum Fund (FETH) ranked second in daily outflows, recording $55.11 million.
Magazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide