Ether-Stacking SharpLink Gaming Scooped Up 83,561 More ETH, Boosting Holdings To Almost $2 Billion

SharpLink Gaming, the Nasdaq-listed crypto treasury firm helmed by Ethereum co-founder and ConsenSys CEO Joseph Lubin, disclosed on Tuesday that its ether ($ETH) holdings increased to 521,939 tokens, worth around $1.91 billion at current market prices.

The Minneapolis, Minnesota-based company purchased 83,561 $ETH between July 28 to August 3 for approximately $303.7 million at an average price of $3,634 per token.

SharpLink has pursued an aggressive treasury strategy since its late May pivot, raising funds to accumulate the second-largest cryptocurrency. The firm said that all of its $ETH holdings are staked, allowing it to earn rewards from Ethereum’s native proof-of-stake consensus mechanism. SharpLink said it has so far earned 929 $ETH, worth over $3 million, through staking since its treasury pivot.

According to data from CoinMarketCap, $ETH was recently trading hands at $3,569 amid a tense macroeconomic week, down 2.3% over the last 24 hours. The coin is about 27% below its all-time high of $4,878 registered back in November 2021.

$ETH Accumulation Race Gains Traction

Ethereum treasuries are following a playbook pioneered by Michael Saylor’s Strategy (previously MicroStrategy), which shifted from software development to accumulating Bitcoin in late 2020 after years of struggling and low share prices.

With its 521,939 $ETH stash, SharpLink is now the second-largest public holder of Ether.

Tom Lee’s BitMine Immersion Technologies still leads the $ETH treasury race. The Las Vegas-based company announced Monday that it had purchased an additional 208,137 Ether to its crypto treasury over the last week, pushing the value of its holdings above $3 billion.

The Ether Machine holds the third-biggest $ETH stack of 345,400 $ETH after recently making $40 million purchase. The Ethereum Foundation, the development organization behind the blockchain, sits fourth with 232,600 $ETH, valued at $855 million.