Ethereum treasury SharpLink Gaming bought $264.5 million in Ethereum last week, the Nasdaq-listed company announced on Tuesday.
The Minneapolis, Minnesota-based firm's holdings have grown to 521,939 of the digital coins now worth nearly $1.9 billion after it bought 83,561 ETH between July 28 to August 3, it said.
Publicly traded SharpLink (SBET) was trading less than 1% higher on Tuesday at nearly $19. SharpLink's stock has shot up by over 420% since the end of May, when it was trading for less than $4 per share.
SharpLink could not be reached for comment.
SharpLink, which pivoted its focus from marketing, first announced it had raised $425 million to establish an Ethereum treasury in May. Since then, it has bought more digital coins as the price of the second biggest cryptocurrency by market value has risen. In July alone, SharpLink spent $780 million on ETH.
ETH was recently trading at nearly $3,631 per coin, according to crypto data provider CoinGecko, down 0.4% over the past 24 hours. The coin is about 34% below its all-time high of $4,878 that it hit in 2021.
Still, the coin has rallied by over 44% over a 30-day period as American investors piled into ETH exchange-traded funds. Those funds have generated more than $9.5 billion in net inflows since their debut last year, according to U.K. asset manager Farside Investors.
Other publicly traded companies have also been building Ethereum treasuries with Peter Thield-backed Bitcoin miner BitMine Immersion snapping up 833,000 ETH worth over $3 billion.
Ethereum treasuries are following a model pioneered by Strategy—formerly MicroStrategy—which shifted from software development to buying Bitcoin in 2020 after years of struggling and low share prices. Strategy now holds 628,791 BTC worth over $72 billion.
Other Nasdaq-listed companies have followed suit—albeit mostly smaller, lesser-known entities—by buying not only Bitcoin and Ethereum but altcoins like Solana and XRP. Typically, these companies have achieved at least short-term stock price gains, sometimes with massive spikes.
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