Co-founder of Ethereum (ETH) Joseph Lubin's SharpLink Gaming has drawn attention by purchasing $75 million worth of Ethereum for the first time since August. The company acquired a total of 19,271 ETH at an average price of $3,892 using the revenue obtained from a direct stock sale valued at $76.5 million that took place last week.
With this strategic purchase, SharpLink’s total assets reached 859,853 ETH. According to current market values, this amount corresponds to a massive portfolio of approximately $3.5 billion. Additionally, the company has recorded cash and cash-equivalent assets of $36.4 million. However, despite this positive news, SharpLink's stock has been trading sideways around $14.70 and has lost nearly 66% since its peak in July and almost 90% since its May high.
SharpLink's acquisition comes at a time when many companies pursuing crypto asset treasury strategies are facing a tough period. Many firms are trying to increase their digital assets by raising capital through stock or debt issuance while struggling with stock prices that are below the value of their crypto assets. The company had previously made more than 39,000 Ethereum purchases. Additionally, through staking activities carried out since June, SharpLink has added another 5,671 ETH (approximately $22 million) to its treasury, reinforcing the company's long-term confidence in Ethereum.
SharpLink's latest Ethereum purchase also provides a noteworthy signal for investors. With these investments, the company expresses its commitment to its corporate crypto strategies and continued belief in Ethereum’s potential. The company's consideration of price levels while making purchases may indicate that investors should closely monitor developments in the Ethereum market in the near future.
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