SharpLink Strengthens Balance Sheet With $75 Million Ethereum Boost - Crypto Economy

SharpLink Gaming (Nasdaq: SBET), a Minnesota-based digital asset treasury (DAT) company, announced this Tuesday the addition of 19,271 ETH to its balance sheet. According to the company’s statement, this raises its total holdings to 859,853 ETH. The firm, which pivoted from online gaming in June, thus consolidates its SharpLink Ethereum treasury strategy, which is chaired by Ethereum co-founder, Joseph Lubin.

Despite the recent drop in Ethereum’s price, which fell 4% to $3,869.91, SharpLink’s total holdings remain valued at $3.5 billion, a similar figure to last month’s report. This move positions it as the second-largest Ethereum-based DAT, only behind Bitmine Immersion. Additionally, the company reported accumulated staking rewards of 5,671 ETH, equivalent to over $22 million.

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While SharpLink’s Ethereum treasury continues to grow, the stock market reacted cautiously. SharpLink (SBET) shares fell 2% to $14.35 on Tuesday, despite analysts projecting 200% growth potential for the stock last week. It remains to be seen if the accumulation of ETH by public companies, which now exceeds $16 billion, will offset the asset’s price volatility.

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