SharpLink Gaming has expanded its Ether treasury to 859,853 ETH, worth roughly $3.5 billion, following a $76.5 million capital raise completed on Friday.
The company announced the acquisition of an additional 19,271 ETH at an average cost of $3,892 per Ether (ETH) in a press release on Tuesday.
SharpLink earned 5,671 ETH in staking rewards since launching its Ethereum treasury strategy in June. At current prices of about $4,100 per ETH, those rewards are worth around $23.25 million.
Staking allows SharpLink to deploy its ETH holdings as validators on Ethereum’s proof-of-stake network, turning part of its treasury into a yield-generating asset through rewards.
SharpLink was the first publicly traded company to announce a treasury strategy around Ethereum’s native token Ether on May 27, with an initial private investment in public equity (PIPE) of $425 million.
The company’s stock price has surged by over 450% in the past six months, according to data from Yahoo Finance.
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Bitmine takes advantage of ETH price dip
Sharplink is currently the second-largest Ethereum treasury asset company behind Bitmine Immersion Technologies, which launched its treasury on June 30 with a $250 million private investment.
On Monday, Bitmine purchased another $250 million in ETH, bringing its total stash to roughly 3.24 million tokens, valued at more than $13 billion at time of writing.
The company now owns 2.74% of the total supply, putting it more than halfway to its goal of owning 5% of all ETH in circulation. Bitmine Chairman Tom Lee said the current “price dislocation represents an attractive risk/reward.”
Over the past 14 days, the price of ETH has dropped around 14% and around 9.6% on the month, according to data from CoinGecko at the time of writing.
Owning ETH and other proof-of-stake assets provides the opportunity to stake them for yield, earning rewards for helping validate network transactions, thus generating passive income.
Ether Machine, the third-largest Ethereum treasury company with 496,710 ETH, launched on July 21 as a yield-bearing Ether fund targeting institutional investors.
According to data from Strategicethreserve.xyz, there are currently 69 Ethereum treasury companies holding a total of 5.74 million ETH.
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