SharpLink’s Bold Move: Acquires 20,279 ETH, Surpassing Ethereum Foundation’s Holdings

SharpLink just flipped the script—snagging a staggering 20,279 Ethereum in one fell swoop. That’s right: a single entity now holds more ETH than the very foundation that birthed it. Talk about a power shift.

Who needs a seat at the table when you can buy the whole buffet? While traditional finance still debates crypto’s legitimacy, SharpLink’s play screams conviction. Or maybe just another hedge against fiat’s slow-motion collapse.

One thing’s clear: the whales aren’t waiting for permission. And with ETH’s supply shrinking? This could get spicy.

• In recent times, Ethereum has continued to draw the attention of many institutions as they bet what seems like the future of their company on Ethereum’s growth.
• SharpLink has positioned itself as one of the top companies accumulating Ethereum as a reserve for the public company.

In recent times, Ethereum has moved from being just a cryptocurrency to many institutions store of wealth. Many public and private institutions have shown their belief in the token by adding significant amounts to their treasury.

A few hours ago, SharpLink, an online platform that allows iGaming and sportsbook operators to create an engaging experience for users, used about $68.38 million to purchase 20,279 ETH. This purchase made up their accumulation in the last 8 days to reach 111,609 ETH.

SharpLink Previous Ethereum Buy

On the 13th of July, SharpLink became the largest corporate company holding Ethereum after purchasing 74,656 ETH. The company was able to do this by the sale of at-the-market equity. Another major buy was done on Thursday when the company bought $31.88 million worth of Ethereum.

The company’s continuous ETH accumulation now makes it hold more Ethereum than the Ethereum Foundation. More importantly, it has shown that the company believes in the future growth of Ethereum.
On the 13th of July, when SharpLink made that significant buy, it reflected on the price of the company’s stock and caused it to rise by 8%.

On Thursday, when it made another significant buy, the stock also rose by over 29.03% per share and traded for $37.8, according to Google Finance. So far, it can be seen that the company’s investment into crypto and its adoption of a crypto reserve have drawn investors interest.

So more than just believing in the growth of the company’s stock price, they’ve given investors a high chance of growing and evolving in the ever-changing economy.

Also Read: Bitwise Launches Third-Party Proof of Reserves for Bitcoin and Ethereum ETFs