The Company, Headed by Ethereum Co-Founder Joseph Lubin, Purchased a Large Volume of Ethereum! Here Are the Details

SharpLink Gaming has significantly expanded its digital asset treasury by purchasing 11,259 Ethereum (ETH) via an over-the-counter (OTC) transaction through Galaxy Digital.

SharpLink Gaming Strengthens Ethereum Presence with $43 Million Purchase

According to onchain analytics provider Lookonchain, the company spent 43.09 million USDC on the purchase, trading at an average price of $3,828. With this transaction, SharpLink’s total ETH holdings reached approximately 449,276 ETH, or approximately $1.73 billion.

This new purchase comes on the heels of the company’s $295 million purchase of 77,210 ETH earlier this week.

SharpLink, which is traded on Nasdaq and chaired by Consensys founder Joseph Lubin, remains one of the largest institutional Ethereum treasuries. Following the acquisition, SharpLink shares rose 3% ahead of market open, according to Yahoo Finance data.

Ethereum treasury holdings have surpassed $10 billion in total across 64 institutions as of this week, while other institutional players are also increasing their holdings.

For example, The Ether Machine purchased approximately $57 million worth of ETH, bringing its holdings to over 334,000 ETH and surpassing the Ethereum Foundation’s holdings.

Johnny Garcia, VeChain’s Director of Corporate Growth and Capital Markets, stated that the Ethereum treasury race and institutional crypto adoption are of “existential” importance for some companies.

“Institutions are racing to establish themselves in the next-generation financial internet world. Nothing can stop this train, not even short-term market developments or US interest rates,” Garcia said.

*This is not investment advice.

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