SharpLink Gaming has continued to purchase an additional 7,689 ETH from June 28 to July 4, at an average price of $2,501 per coin.
This move has increased the total amount of Ethereum held by the company to 205,634 ETH, solidifying SharpLink’s position as one of the most active companies in accumulating cryptocurrency.
The ETH purchases were funded through a $64 million capital raise from an At-The-Market offering, opening up the possibility for additional ETH purchases in the near future.
Since June 2, SharpLink has been staking all of its held ETH and has earned 322 ETH in rewards. Additionally, the company has launched an “ETH Concentration Index” to provide investors with a clearer view of their Ethereum holdings.
Related: Tesseract CEO Predicts $6,500 Ethereum by Year-End
Despite the positive moves in Ethereum investment, SharpLink’s stock (SBET) is currently rated as “underperforming” due to weak fundamentals and declining revenues. However, many experts believe that the strategy focusing on Ethereum-based gaming could provide long-term growth potential.
Based in Minneapolis, SharpLink Gaming aims to become a leading public company in the cryptocurrency gaming sector. The company is working to integrate smart contracts and Web3 technology into the sports betting industry, promising fresh experiences for users.
