Joseph Lubin’s Firm Snaps Up $258M in ETH—SBET Stock Rockets Amid Crypto Frenzy

Ethereum co-founder Joseph Lubin just made a quarter-billion-dollar bet on ETH—and the market's reacting like it's 2017 all over again.

While Wall Street hedges, crypto's OGs keep stacking.

SBET's sudden surge? Either genius timing or another case of 'buy the rumor, sell the news.'

Meanwhile, traditional finance still can't decide if crypto's a scam or their next bonus check.

Key Insights:

• SharpLink Gaming expanded total Ethereum holdings by 29% to 360,807 ETH after acquiring additional 79,949 ETH last week.
• SharpLink chairman Joseph Lubin confirmed to buy more ETH for further boosting stakeholder value and strengthening the Ethereum network.
• SBET stock price climbed 10% to $27.80 after the announcement.

SharpLink Gaming acquired an additional 79,949 ETH worth $258 million, the largest purchase to date since starting ethereum treasury. With the latest purchase, its total Ethereum holdings climbed above $1.33 billion.

SBET stock price rebounded from recent correction on Tuesday. Ethereum co-founder Joseph Lubin-backed SharpLink strategically holds more ETH than Ethereum Foundation.

SharpLink Gaming Expands Total Holdings by 29% to 360,807 ETH

According to a press release on July 22, Nasdaq-listed SharpLink Gaming disclosed an additional 79,949 ETH purchased worth $258 million between July 14–20.

The company continued its major accumulation spree at an average price of $3,238, expanding its total Ethereum holdings to 360,807 ETH valued at more than $1.33 billion.

SharpLink Gaming became the largest single corporate holder of ETH again after the latest buy, holding more ETH than the Ethereum Foundation.

On July 17, SharpLink Gaming purchased 21,468 ETH worth $70 million to boost its Ethereum treasury and surpass $1 billion milestone. The firm acquired, staked, and restaked ETH to help maintain the Ethereum ecosystem’s health, while removing ETH from the circulating supply.

The company even purchased 10,000 ETH directly from the Ethereum Foundation – a move by Joseph Lubin that surprised the crypto market. The purchase was made at a significantly lower price than the market price.

At the time of writing, SBET stock price rocketed more than 10% higher to $27.80 on Tuesday. The stock price rallied almost 156% in a month and nearly 230% year-to-date, as per Yahoo Finance.

Chairman Joseph Lubin Reiterates More ETH Buy Coming

Joseph Lubin, SharpLink chairman, co-founder of Ethereum and founder of Consensys, said the company will boost ETH holdings and shareholder value. Continued strength of ETH and opportunistic prices support its treasury growth.

Also, SharpLink generated 567 ETH from staking since launching its Ethereum treasury strategy. The company supports Ether’s long-term strength and mission by staking as ETH enters a new era of institutional relevance amid corporate adoption.

Angel investor Anthony Sassano, known as sassal.eth, noted that the company have $96.6 million on hand to buy more ETH in the coming days. The plans to raise another $5 billion to buy additional ETH was also underway.

ETH Price Loses Momentum for $4,000

ETH price fell more than 4% over the last 24 hours and was trading at $3,698 at the time of writing. The 24-hour low and high were $3,624 and $3,852, respectively.

Furthermore, the trading volume decreased by 5% in the last 24 hours, indicating a decline in interest among traders.

Spot Order Heatmap on CoinGlass showed massive sell wall of 68K ETH worth $263 million between $3,850 and $4,000. This means traders or whales opened short positions on ETH, considering a drop in ethereum price in the coming days.

Some whales also started booking profits as Ethereum price rallied above the $3,850 mark. Popular crypto analyst Michael van de Poppe predicted Ethereum price to drop 12% to $3,300.