SharpLink Gaming adds nearly $49 million worth of ETH to corporate treasury: Arkham

Nasdaq-listed SharpLink Gaming (SBET) acquired an additional 16,374 ETH on Sunday, according to data from Arkham Intelligence.

At 1:02 p.m. on Sunday, around $48.85 million worth of ETH moved to SharpLink's wallet, Arkham data shows. The batch of ether came from wallet "0xCd9…F5F75," which purchased the batch from Galaxy Digital's over-the-counter market earlier in the day.

While SharpLink has not officially announced the ETH purchase, EmberCN said the latest acquisition brought the company's unofficial total holdings to approximately 270,000 ETH. Ember reported that the company had purchased 21,487 ETH ($63.7 million) during Friday evening, citing Arkham data.

SharpLink did not immediately respond to The Block's request for confirmation of the latest purchase and its current ETH holdings.

Originally a Minneapolis-based affiliate-marketing and iGaming software firm, SharpLink began its Ethereum treasury strategy in late May alongside a $425 million private placement led by crypto infrastructure developer Consensys. Joseph Lubin, Consensys CEO and Ethereum co-founder, became chairman of SharpLink.

Apart from building a treasury out of the world's second-largest cryptocurrency, the company said it is also supporting the long-term strength and decentralization of Ethereum.

"SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem," Lubin said in a statement last Friday.

According to The Block's Ethereum price page , ether rose 1.2% in the past 24 hours to $2,981, trading near its highest level since early February. SharpLink's stock closed up 17.15% at $21.65 last Friday, likely benefiting from the announcement of its 10,000 ETH purchase that day.