Ethereum received an additional $295 million investment, with a former BlackRock executive being appointed as the joint CEO of SharpLink.
In a significant move that underscores the growing institutional adoption of Ethereum, SharpLink Gaming has expanded its cryptocurrency treasury. The gaming company, now one of the largest corporate holders of Ethereum, has acquired 77,210 ETH worth $295 million over the weekend.
This acquisition follows SharpLink's previous purchase of 360,807 ETH, worth approximately $1.33 billion, made last week. With this latest purchase, SharpLink Gaming's Ethereum holdings now total 438,017 ETH, valued at $1.69 billion.
Joseph Chalom, the former head of digital assets strategy at BlackRock, has been appointed as SharpLink Gaming's co-CEO. Chalom, who played key roles in launching several major cryptocurrency investment products, including the Bitcoin ETF with over $87 billion in assets under management (IBIT) and the Ethereum ETF managing more than $10 billion (ETHA), will play a pivotal role in the strategic planning of Ethereum accumulation at SharpLink Gaming.
SharpLink's strategy of actively staking its Ethereum holdings differentiates it from other corporate treasury approaches. More than 95% of SharpLink Gaming's ETH holdings are actively staked or deployed through liquid staking platforms. This strategy not only generates passive income but also contributes to the overall security and decentralisation of the Ethereum network.
The appointment of Chalom and the expansion of SharpLink's cryptocurrency treasury are seen as major milestones in their mission to build the most trusted Ethereum treasury and bring Ethereum to the centre of global finance.
Interestingly, two days before the purchase, SharpLink transferred 145 million USDC to Galaxy Digital, a leading cryptocurrency firm. This move highlights the always-available nature of cryptocurrency markets.
Ethereum continues to demonstrate resilience amid broader market volatility, trading at $3,880 at publication time, up 2.65% over the past 24 hours. The growing institutional interest in Ethereum staking, as reflected in SharpLink's acquisition, is likely to further bolster the cryptocurrency's position in the market.
SharpLink's strategic moves and Chalom's rich experience in the digital assets sector are poised to shape the future of Ethereum's role in global finance.
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