Ethereum Treasury SharpLink Adds $176 Million in ETH to Holdings

Ethereum Treasury Sharplink Gaming added more than $ 176 million to ETH last week, the Nasdaq-Genten company announced On Tuesday.

The interests of Minnesota, the company established in Minnesota have grown to 837.230 ETH, now almost $ 3.6 billion worth 39.008 ETH between August 25 and August 31, it said.

“We remain opportunistic in our capital increasing initiatives and the market conditions will continue to follow closely to maximize the shareholder value,” said Joseph Chalom, Co-CEO of Sharplink, in a statement.

Publicly Trade Sharplink (SBET) traded on Tuesday more than 5% lower at $ 16.89. Sharplink’s shares have risen more than 400% since mid -May, when it traded for less than $ 3 per share.

The company first announced in May that the ETH would buy through a private investment of $ 425 million in public equity or pipe, which is offered by Blockchain technology company Consensys and with the participation of Galaxy Digital, Parafi Capital, ONDO and Pantera Capital. (Disclosure: Consensys is one of the 22 investors in an editorial independent Decrypt.)

Once a relatively obscure gambling marketing company, Sharplink ran in May in May to become a crypto treasure box, after the model of Strategy– Formerly MicroStrategy – which shifted from software development to buying Bitcoin In 2020 after years of struggling and low stock prices.

Instead of buying Bitcoin, Sharplink chose the second largest digital currency per market capital, Ethereum.

There were previously optimistic traders that Sharplink would acquire a total of 1 million ETH by September 16, but they waved Bearisheh after today’s acquisition. Now only about 30% of users believe that Sharplink will hit that target, sharp from around 57% on Monday evening. (Disclosure: countless is a product of DecryptThe parent company, Dastan.)

A number of listed companies have adopted the same model and prominent cryptocurrencies such as Bitcoin, XRP, Solana and BNB buy in an attempt to stimulate the shareholder value.

ETH was recently traded for around $ 4,300 per coin, about 1% for a period of 24 hours, a period of 24 hours, according to to Crypto data provider Coingecko. ETH will fall by around 5% in the midst of a broader slump in cryptom markets, although it has risen by more than 23% in the past month.

Ethereum reached a new highest point of $ 4,946 in August and broke a record of 2021 after staying far below the previous figure, while Bitcoin and other large coins have risen to new highlights in recent years.