SharpLink Gaming, Inc. (NASDAQ:SBET) shares are trading higher Tuesday after the company announced major updates on its Ethereum holdings and staking activities.
What To Know: The company disclosed that it now holds 280,706 ETH, officially making it the largest corporate holder of Ether. This development follows a series of aggressive purchases, including 74,656 ETH acquired between July 7 and July 13 at an average price of $2,852.
To fund these purchases, SharpLink raised approximately $413 million in net proceeds by issuing over 24.5 million shares through its At-The-Market equity facility. The company still has around $257 million in proceeds that it plans to allocate toward further ETH acquisitions. The company’s strategy includes maintaining investor transparency by providing regular updates on its treasury operations.
