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.
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%.