SharpLink Acquires 143,593 ETH for $667.2 Million Amid Market Volatility
Sharplink Gaming, a major investor in Ethereum, has acquired 143,593 ETH for $667.2 million, increasing its total holdings to 740,760 ETH valued at $3.1 billion. The purchase was funded through $537 million raised via market offerings, positioning Sharplink as an aggressive buyer during Ethereum's recent rally.
- Sharplink launched its Ethereum accumulation strategy on June 2, earning 1,388 ETH in staking rewards.
- The company introduced a new metric, “ETH Concentration,” to assess holdings per share.
- Sharplink holds over $84 million in cash reserves for potential further ETH purchases.
Despite these acquisitions, Ethereum's price fell 3% to $4,182, marking a 13% decline from last week’s peak of $4,831, amid profit-taking and ETF sell-offs totaling $255.9 million.
- Recent ETF redemptions include $59 million and $169 million on consecutive days.
- This trend follows eight sessions of inflows that contributed to a 42% price rally earlier this month.
The market's volatility has also generated interest in projects like Token6900, a new community-driven memecoin, which has raised $2.3 million during its presale. This suggests investors may be diversifying into new ventures amidst Ethereum’s price corrections.