Digital Firm SharpLink Boosts Ethereum Holdings to Near-$2 Billion
Digital asset investment firm SharpLink significantly increased its stake in Ethereum (ETH), acquiring 83,562 ETH worth approximately $264.5 million. This purchase brings the company’s total ETH holdings to 521,939 ETH, valued at nearly $2 billion based on current market prices.
The recent acquisition, finalized between July 28 and August 3rd and averaging $3,634 per ETH, underscores a continuation of SharpLink’s aggressive ETH accumulation strategy that began in June.
Full Deployment into Proof-of-Stake
SharpLink stated all its accumulated ETH is now staked within Ethereum’s proof-of-stake consensus mechanism. This strategy aims to generate additional passive returns. Consequently, the company reported cumulative staking rewards of 929 ETH, equivalent to over $3.3 million.
ETH Concentration: Measuring Portfolio Exposure
The firm utilizes an internal metric termed “ETH concentration” to benchmark its strategy. This indicator (currently 3.66) quantifies the exposure of each outstanding share to ETH, demonstrating an 83% increase since accumulation commenced.
SharpLink Ranks Second in ETH Treasury Scale
SharpLink’s latest inflow follows closely on the heels of another significant player, BitMine Immersion Technologies, surpassing it temporarily. BitMine announced adding 208,137 ETH, establishing a new holding total of 833,137 ETH valued over $3 billion. However, SharpLink remains the second-largest public holder.
According to Strategic ETH Reserve rankings (as of late August), the top entities holding ETH include:
- Entity with 833,137 ETH ($3B+)
- SharpLink Gaming with 521,939 ETH (~$2B)
- Entity with 345,000 ETH ($1.27B)
- The Ethereum Foundation with 232,600 ETH ($855M)
- PulseChain with 166,300 ETH ($611M)
Spot ETFs Experience Record Outflows
The recent announcement of SharpLink’s new purchases occurred amidst record net outflows for Ethereum-based spot exchange-traded funds (ETFs). Data indicated nearly $465 million was withdrawn from these funds on Monday, marking the highest daily outflow since their inception.
BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity’s Ethereum Fund (FETH) were among the most significantly impacted, reporting substantial net outflows respectively.
In related news, a video titled “Ethereum Hits ATH: What Does This Mean for Stakers?” is linked below.
