SharpLink Buys $53M in Ethereum, Adds to $1.6B Crypto Stack
The post SharpLink Buys $53M in Ethereum, Adds to $1.6B Crypto Stack appeared on BitcoinEthereumNews.com.
SharpLink boosts crypto bets with a $53M Ethereum buy, growing its $1.6B ETH stack and signaling long-term trust in digital assets. SharpLink Gaming has made another major move in the crypto space. Recently, the company deposited 108 million USDC to Galaxy Digital and purchased 14,933 ETH at an average price of 3,550 dollars per coin. The amount of this purchase is about 53 million dollars. This news was shared by on-chain analyst EmberCN on the social media network X, and the transaction immediately gained traction. SharpLink’s Ethereum Strategy Yields $214M in Unrealized Gains Soon after, SharpLink transferred another 55.56 million USDC to Galaxy Digital, and it is evident that it is not taking its foot off the gas. This ongoing development is evidence that the company means business in establishing a firm Ethereum presence. In total, SharpLink has collected 464,000 ETH so far, since the beginning of June. This whole holding has been currently estimated to be around 1.62 billion dollars. The cost of one piece of this Ethereum has an average entry price of about 3,029 dollars. Since the price of Ethereum recently increased, the assets of SharpLink were valued at approximately 214 million dollars in unrealized gains. The gains indicate that the strategy of the company is currently working. These profits might even be higher depending on the position of Ethereum prices, which might be high or still increase. Related Reading: Sharplink Welcomes Ex-BlackRock Leader Joseph Chalom as New Co-CEO Joseph Lubin, one of the co-founders of Ethereum, is the leader of the company. His leadership makes SharpLink have high credibility in the crypto world. His new role is as the Chairman of SharpLink Gaming, and he is leading the ETH-oriented treasury strategy of the firm. The company has been making big and steady investments into ETH, which…
