SharpLink Gaming, now the second-largest corporate holder of Ether, has added another 77,210 ETH to its crypto treasury, an investment worth $295 million.
This single purchase surpasses Ethereum’s net issuance over the past 30 days, which was 72,795 ETH, based on data from Ultra Sound Money. Most of the newly acquired ETH has been staked to earn rewards.
Following this move, SharpLink’s total Ether holdings have grown to over 438,000 ETH, valued at more than $1.69 billion, according to Lookonchain.
SharpLink has become the second company to hold over $1.5 billion worth of Ether in its treasury, trailing only Bitmine Immersion Tech, whose ETH holdings have surpassed $2 billion.
On Friday, SharpLink announced the appointment of Joseph Chalom as its new co-CEO. Chalom brings two decades of experience from BlackRock, the world’s largest asset management firm, and will now lead SharpLink’s global strategy and execution.
New Blood for More Ether
Back in May, the company also named Consensys CEO Joseph Lubin as chairman of its board of directors.
Corporate and institutional purchases of Ether, especially through ETFs, are contributing to a potential supply shock, which could theoretically drive up prices.
On Thursday, BitMine Immersion Technologies revealed it now holds over 566,000 ETH, valued at more than $2 billion. The firm also shared its bold target of owning at least 5% of Ethereum’s total supply, equal to 6 million ETH, worth more than $23 billion at current prices.
As of now, corporations and ETFs together hold 8.12 million ETH, or 6.73% of the total supply, with a combined value exceeding $31 billion, according to Strategic ETH Reserve.
