Marketing performance firm SharpLink Gaming announced a bulk purchase of 7,689 Ethereum on Tuesday via a press release. The company’s latest investment grows the total holdings to 205,634 ETH. SharpLink Gaming has adopted Ethereum as its asset of choice for its crypto treasury strategy.
The purchase was made between June 28th and July 2nd for an average price of $ 2,501 per ETH.
To fund the acquisition, SharpLink Gaming raised $64 million through an ATM facility (At-the-market), selling 5,499,845 common shares in exchange for proceeds. Of the total funds raised, $37.2 million was raised on July 3rd.
SharpLink Gaming’s ETH holdings are completely locked up in staking and restaking protocols. From the formation of its treasury strategy on June 2 to the date of the announcement, SharpLink Gaming has earned a total of 322 ETH in staking rewards.
“Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency,” said Sharplink Gaming’s Chairman, Joseph Lubin.
Source: Google Finance
SharpLink Gaming’s shares were trading at $16.29 at the time of reporting, an increase of 28.57% on the day following the announcement.