cointelegraph.com
SharpLink Gaming boosted its Ether treasury again last week, acquiring $252 million in $ETH and raising $360.9 million through its at-the-market (ATM) equity program.
The company now holds 797,704 Ether ($ETH), worth about $3.7 billion, with $200 million in cash for further buys, the company revealed in a Tuesday update.
“Our regimented execution of SharpLink’s $ETH treasury strategy continues to demonstrate the strength of our vision,” said Co-CEO Joseph Chalom, adding that the firm is committed to “building long-term value for our stockholders while simultaneously supporting the broader Ethereum ecosystem.”
According to the report, SharpLink acquired 56,533 $ETH at an average price of $4,462 per token last week. The company also reported that total staking rewards since launching its $ETH treasury strategy in June have climbed to 1,799 $ETH.
Related: High-leverage trader James Wynn opens 25x Ether long as $ETH hits new high
Nearly 800,000 $ETH in reserve
The Minneapolis-based firm has scaled its treasury since June, when it first disclosed $ETH as its core reserve asset. Over the past four weeks, SharpLink has increased its holdings from 438,000 $ETH to nearly 800,000 $ETH, making it one of the largest corporate holders of Ethereum globally.
The company also introduced a new metric, “$ETH Concentration,” which measures $ETH holdings per 1,000 assumed diluted shares outstanding. That figure now stands above 4.0, more than doubling since June.
Alongside its $ETH push, SharpLink’s board approved a $1.5 billion stock buyback plan last week. The program aims to enhance shareholder value while the company continues deploying capital into its crypto strategy.
SharpLink’s stock closed Monday at $0.96, down 6.8% on the day before ticking slightly higher in after-hours trading.
Related: After $400M splurge, $ETH treasurer eyes stock buyback amid leverage concerns
Tom Lee calls $ETH bottom as BitMine adds $21M
Fundstrat’s Tom Lee predicted on Tuesday that Ether would find its bottom shortly, as his $ETH treasury firm BitMine Immersion Technologies bought another $21 million worth of the token.
Posting on X, Lee cited a note from Fundstrat’s technical strategist Mark Newton, who said $ETH was showing “very good risk/reward” near $4,300 and could soon rebound toward $5,400.
The prediction came after BitMine added 4,871 $ETH worth $21.3 million. The purchase brought its total holdings to 1.72 million $ETH, valued at about $7.5 billion.
Magazine: $ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest