Thanks to its latest ETH purchases, SharpLink Gaming has become the largest holder of Ether with 280,706 units. We take a closer look at this performance as the company’s stock price skyrockets on the stock market.
SharpLink owns 280,706 ETH
Last weekend, we reported on the sale of 10,000 ETH from the Ethereum Foundation to SharpLink Gaming, a Nasdaq-listed company that made headlines at the end of May by announcing its ambition to become a leading Ethereum Treasury Company. This is now a reality, as SharpLink has become the world’s largest holder of ETH thanks to its latest investments.
As of July 13, the company held 280,706 ETH, which currently represents more than $880 million. Moreover, 99.7% of this ETH is now deposited in staking protocols in order to generate returns.
While SharpLink had already raised $425 million to finance its initial acquisitions, an additional 25.57 million new shares were issued between July 7 and 13 for a total of $413 million. Of this amount, $257 million remains to be invested in ETH.
Also between July 7 and 13, the company acquired 74,656 ETH at a weighted average price of $2,852.
On the stock market, we can highlight a clear overvaluation of SBET shares, whose price has increased more than tenfold since the initial announcement:
Currently valued at $1.87 billion, ETH’s share therefore represents 47% of the market capitalization. While the company has retained its historical marketing business for bookmakers and online casinos, this implies that it would be valued at $1 billion, or $15.35 of the $28.97 per share. As a reminder, SharpLink shares were still trading at $2.80 each less than two months ago.
In any case, the company now holds just over 0.23% of all existing ETH and 0.78% of those staked. While SharpLink has fully embraced the model pioneered by Strategy with Bitcoin (BTC), there is no doubt that this amount is set to change.
