Crypto investment firm SharpLink Gaming has disclosed its buying activity on Tuesday for the period from August 10th to August 17th, as per a press release and social media post by the company. For the week mentioned in its announcement, SharpLink Gaming has bought a total of 143,593 Ethereum.
The update comes days after the company posted its second-quarter earnings, showing a net loss of $103.4 million owing to non-cash expenses of stock compensation and downward adjustments in the value of its liquid staked Ethereum on the balance sheet.
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SharpLink Gaming continues to raise money mainly for its accumulation of Ethereum, raking in $146.5 million through an ATM facility and another $390 million through a direct offering. It continues to earn rewards through staked Ethereum, earning a total of 1388 ETH.
SharpLink Gaming is no longer the biggest publicly traded corporate ETH holder
As of now, the biggest corporate holder of Ethereum is BitMine Technologies, a position that SharpLink Gaming has held previously. Prior to adopting its Ethereum treasury strategy, its main business model was online performance marketing. The pivot reflects a general trend among multiple firms that have changed their strategies to profit from blue-chip cryptocurrencies.
Source: Google Finance
At the time of reporting, shares of the firm were priced at $18.62, down by 7.46%.
