SharpLink Nears $2B in Ether Holdings, Targets 1M ETH Treasury

The former gaming firm announced on Tuesday that it now holds 521,939 ETH worth close to $1.9 billion at current market value.

Joe Lubin’s Ether treasury firm acquired 83,561 ETH for $264.5 million at an average price of $3,634 between July 28 and August 3.

SharpLink stated that its ETH-per-share is now 3.66, up from 3.40 last week, and has increased 83% since it began the strategy on June 2.

Additionally, its entire stash is staked and has earned 929 ETH worth more than $3.3 million in cumulative staking rewards so far.

Ether Treasuries Growing

SharpLink has targeted 1 million ETH for its first treasury milestone and is already over halfway there.

https://twitter.com/SharpLinkGaming/status/1952764661356761545?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Lubin described ten years of uptime for Ethereum as a “mainstream moment,” adding that it is about to “break through into mainstream culture,” due to global regulations and financial institutions “getting very serious” about building on the technology.

“Stablecoins and Ether treasury companies are bringing Wall Street, or TradFi, onto DeFi so soon it’ll just be called ‘finance’.”

Despite its aggressive accumulation of Ether, SharpLink is not the largest ETH treasury company, as that accolade goes to Bitmain Immersion Technologies. The Tom Lee-chaired firm holds 833,100 ETH worth almost $3 billion, according to EthStrategicReserve.

Speaking on the Natalie Brunell podcast on Tuesday, Lee said there was no conflict between Bitcoin treasuries and Ethereum treasuries because they were both scarce (comparing them to Tesla and Palantir stocks).

The first “killer app” for crypto has emerged and is seeing widespread adoption, and that is stablecoins, he said. Wall Street is running to tokenize its entire system on the blockchain, and it requires smart contracts, he said before adding:

“The biggest and most secure blockchain with no downtime is Ethereum, and it’s legally compliant.”

The top three Ethereum treasury firms now hold 1.7 billion ETH, which equates to around 1.4% of the total supply.

ETH Price Outlook

ETH prices have taken a 2% hit on the day as crypto markets continue to cool off after July’s massive rally.

The asset had dipped to $3,575 during the Wednesday morning Asian trading session but remained within its three-week range-bound trading channel. However, a fall below $3,400 could see this momentum lost and a larger correction ensue.