Sharplink is loaded with $180 million worth of ETH over 5 days

Over the five days ending July 14th, Sharplink Gaming purchased a total of 60,582 ETH, worth approximately $180 million.

The company’s stock has responded aggressively to the news, increasing by more than 17% over the past 24 hours.

Latest $49 million purchase

According to an X’s post by Blockchain Analytics platform Lookonchain, the company purchased 16,374 ETH on July 14, bringing it to around $49.03 million. This will bring the total reserve to 270,000 ETH, making it the largest public finance owner.

Sharplink Gaming has steadily increased its stash over the past two months. Starting with its first transaction on May 26, the company had accumulated 176,271 ETH by mid-June, partially funded by $79 million raised through the ATM Equity Program.

Later that month, it added 7,689 ETH worth $19.2 million, and another 10,000 ETH was acquired by the Ethereum Foundation for $25.7 million in early July. Commenting on EF trading, Sharplink Chairman Joseph Lubin said:

“As Ethereum enters a new era of institutional relevance, we are proud to support the long-term strength of our network and our decentralization mission.”

All ETH held by the company is used for staking and reconstruction protocols to obtain yields on the chain. Between June 28th and July 4th, he earned approximately 100 ETH by securing his compensation, contributing to a total yield of approximately 322 tokens since the program’s inception.

The Minneapolis-based company uses a performance metric called ETH concentration to calculate the amount of cryptocurrency held for each of the 1,000 diluted stocks. This figure rose from 2.00 to 2.37 ETH in just three weeks, representing a 19% increase.

Sharplink Stock Jump 17%

Sharplink stock, listed as Nasdaq’s SBET, moved upward following the latest developments. Stocks closed at $21.65 on July 14, up 17.15% over the past 24 hours, according to Google Finance data.

More and more publicly listed companies are turning their financial strategies into Ethereum. One such example is GamesQuare, which recently announced plans to build a $100 million ETH stockpile with a return of 8% to 14% through partnerships with dialects. Another organisation, Bitmine, has launched an even bigger strategy and pledged $250 million to build reserves.

BIT Digital also joined in on this trend, moving the entire Treasury Department to ETH, accumulating over 100,000 tokens following Bitcoin Holding and $172 million in funding.