Digital asset investment company SharpLink has added a batch of Ethereum to its balance sheet, bringing its total ETH holdings close to $2 billion.
On Tuesday, the company announced it purchased 83,562 Ethereum (ETH) at an average price of $3,634, totaling $264.5 million. These purchases were made between July 28 and August 3, increasing the company's total ETH holdings to 521,939 ETH, valued at $1.91 billion at current market prices.
The company stated that all of its ETH holdings are staked, allowing it to earn rewards from Ethereum's native proof-of-stake consensus mechanism. According to SharpLink, its cumulative staking rewards have reached 929 ETH, worth over $3.3 million.
The company measures the success of its ETH strategy through a metric called ETH concentration, which shows the amount of ETH supported per share of outstanding stock. SharpLink's ETH concentration is now 3.66, an increase of 83% since it began purchasing Ethereum.
This move marks a continuation of the company's aggressive ETH accumulation strategy that began in June.
On June 13, the company announced its first purchase of $463 million worth of ETH, making it the largest public holder of Ethereum. It was later surpassed by another company called Bitmine, which has been accumulating Ethereum.
BitMine Immersion Technologies added 208,137 ETH to its holdings on Monday, bringing its total ETH reserves to 833,137 ETH, valued at over $3 billion.
With ETH hovering around $3,700, BitMine has become the fourth largest cryptocurrency treasury company, trailing behind Strategy, MARA Holdings, and Twenty One Capital.
According to data tracker Strategic ETH Reserve, Ether Machine ranks third with 345,000 ETH ($1.27 billion) in holdings.
The Ethereum Foundation ranks fourth with 232,600 ETH, valued at $855 million, while PulseChain ranks fifth with 166,300 ETH, worth over $611 million.
SharpLink's latest ETH purchase announcement comes on the heels of record outflows from spot Ethereum exchange-traded funds (ETFs).
On Monday, data provider SoSoValue reported a net daily outflow of $465 million from Ethereum-based ETFs, the highest since their launch.
BlackRock's iShares Ethereum Trust (ETHA) was hit the hardest, with a net outflow of nearly $375 million. Fidelity's Ethereum Fund (FETH) ranked second in daily outflows, recording $55.11 million.
Related: Ethereum proposal to unify fee markets to simplify transaction costs
Original article: “SharpLink Holds Nearly $2 Billion in Ethereum (ETH) After $264.5 Million Purchase”
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