SharpLink Bets Big On Ethereum With $463M Acquisition
The post SharpLink Bets Big On Ethereum With $463M Acquisition appeared on BitcoinEthereumNews.com. SharpLink purchased more than 176,000 ETH at a cost of $463 million and staked 95% to generate yield and help secure the Ethereum network. The share price of the company shot up on the news but fell abruptly due to a misunderstanding of a routine SEC filing. Chairman Joseph Lubin declared the action a significant step towards institutional crypto adoption and the future of Ethereum. SharpLink Gaming has purchased 176,270.69 ETH, amounting to $462.9 million, becoming the biggest publicly traded Ethereum holder. The Nasdaq-listed firm now trails only the Ethereum Foundation in total ETH holding. Over 95% of SharpLink staking has been completed, meaning the company can generate passive income while securing the Ethereum proof-of-stake network. The relocation is an indicator of SharpLink’s strategic shift towards cryptocurrency as a treasury reserve asset. The firm has issued 79 million of capital to fund its acquisition spree, which has seen the value of ETH-per-share rise by 11.8% since early June. CEO Rob Phythian noted that the company views Ethereum as programmable, yield-bearing digital capital and an important building block of the future of digital commerce and applications. The treasury decision of SharpLink reflects the previous Bitcoin-driven approach of companies such as MicroStrategy but focuses on the utility and staking capability of Ethereum as its primary value thesis. Timing Aligns with U.S. Crypto Policy Shift The Ethereum push comes as U.S. crypto regulation is gaining steam. Congress is making progress on new digital asset legislation, which is making institutional adoption friendlier. The acquisition came at a time when it appears SharpLink is positioning itself in advance of a possible corporate ETH investment wave. Joseph Lubin, the chairman of the company and co-founder of Ethereum, called the acquisition a “breakthrough in institutional crypto strategies.” Lubin, the CEO of Consensys, added that the step taken…
The post SharpLink Bets Big On Ethereum With $463M Acquisition appeared on BitcoinEthereumNews.com.
SharpLink purchased more than 176,000 ETH at a cost of $463 million and staked 95% to generate yield and help secure the Ethereum network. The share price of the company shot up on the news but fell abruptly due to a misunderstanding of a routine SEC filing. Chairman Joseph Lubin declared the action a significant step towards institutional crypto adoption and the future of Ethereum. SharpLink Gaming has purchased 176,270.69 ETH, amounting to $462.9 million, becoming the biggest publicly traded Ethereum holder. The Nasdaq-listed firm now trails only the Ethereum Foundation in total ETH holding. Over 95% of SharpLink staking has been completed, meaning the company can generate passive income while securing the Ethereum proof-of-stake network. The relocation is an indicator of SharpLink’s strategic shift towards cryptocurrency as a treasury reserve asset. The firm has issued 79 million of capital to fund its acquisition spree, which has seen the value of ETH-per-share rise by 11.8% since early June. CEO Rob Phythian noted that the company views Ethereum as programmable, yield-bearing digital capital and an important building block of the future of digital commerce and applications. The treasury decision of SharpLink reflects the previous Bitcoin-driven approach of companies such as MicroStrategy but focuses on the utility and staking capability of Ethereum as its primary value thesis. Timing Aligns with U.S. Crypto Policy Shift The Ethereum push comes as U.S. crypto regulation is gaining steam. Congress is making progress on new digital asset legislation, which is making institutional adoption friendlier. The acquisition came at a time when it appears SharpLink is positioning itself in advance of a possible corporate ETH investment wave. Joseph Lubin, the chairman of the company and co-founder of Ethereum, called the acquisition a “breakthrough in institutional crypto strategies.” Lubin, the CEO of Consensys, added that the step taken…
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