SharpLink Makes First Ethereum Buy in Over a Month as ETH Holdings Top $3.5 Billion

Core Insights - SharpLink Gaming has added nearly $79 million in ETH to its holdings, marking its first crypto purchase in over a month, bringing its total ETH holdings to 859,853, valued at over $3.5 billion [1] - The company raised $76.5 million through a stock sale prior to the ETH acquisition, taking advantage of favorable market conditions [1][3] - SharpLink's stock has increased nearly 400% since mid-May, although it has seen a decline of about 13% over the last month [3] Company Strategy - SharpLink transitioned from an online gambling marketing company to a crypto treasury, following a model similar to MicroStrategy's pivot to Bitcoin [4] - The company opted to invest in Ethereum instead of Bitcoin, positioning itself as one of the largest digital asset treasuries [5] - SharpLink's recent capital raise was executed at a premium to NAV, allowing the company to acquire ETH at lower prices than the capital raised [3] Market Context - The price of ETH has experienced volatility, recently standing at $4,098 per coin, up nearly 4% in one day but down about 11% over the last two weeks [2] - SharpLink ranks second among publicly traded Ethereum treasury firms, following BitMine Immersion Technologies, which holds $12 billion worth of ETH [5]