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Cryptonews
3w
22
SharpLink Bets Big on Ethereum With US$463M Buy, Becomes No. 2 Holder
- SharpLink Gaming acquires 176,270.69 ETH for over US$460M, becoming the 2nd largest ETH holder globally.
- Over 95% of SharpLink's ETH holdings are staked, generating yield and supporting network security.
- Shares of SharpLink surged 2,100% then dropped 70% following a confusing SEC filing.
- The acquisition makes SharpLink the largest publicly traded holder of Ethereum, behind only the Ethereum Foundation.
- The purchase was made at an average price of US$2,626 per ETH.
- SharpLink's ETH acquisition was part of a new treasury model announced in May.
- SharpLink CEO views the move as a significant step due to the programmable nature of Ethereum.
- Joseph Lubin, Chairman of SharpLink and Ethereum co-founder, sees the initiative as timely with potential US legislation on digital assets.
- The company joins other corporate adopters by making ETH its core reserve asset.
- SharpLink faces stock volatility after a routine SEC filing highlighted risks related to ETH and the growth of CBDCs.
- Despite the stock's 70% drop post-filing, SharpLink remains up over 500% from pre-announcement levels.
- SharpLink's move signifies a major bet on Ethereum compared to other corporate crypto adopters like Bitcoin.
- SharpLink's CEO and Chairman are optimistic about Ethereum's future role in digital commerce and the global economy.
- The initiative aligns with SharpLink's strategy to leverage ETH's staking and liquid protocols for yield generation.
- The company aspires for Ethereum to become foundational digital infrastructure for decentralized applications.
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