SharpLink Raises $200M, Buys 63,784 Ethereum for Treasury
SharpLink Gaming raised $200 million via a direct public offering on August 8, deploying the full proceeds to buy 52,809 ETH on Coinbase Prime. On-chain data shows transfers to eight wallets, including one for long-term staking, confirming its shift to an Ethereum-based treasury strategy. In a subsequent purchase, the Nasdaq-listed firm acquired an additional 10,975 ETH, boosting total holdings to 532,914 ETH (about $2.07 billion). The move highlights rising institutional adoption of digital assets and underscores Ethereum’s value as an inflation hedge. Traders should watch for potential liquidity shifts, price momentum, and increased market stability as more public companies integrate Ethereum into their corporate reserves.
Bullish
The acquisition of over 63,000 ETH by SharpLink Gaming through a $200M DPO and subsequent on-market buys signals strong institutional confidence in Ethereum’s long-term value. Large-scale purchases can tighten ETH supply and spark short-term price gains. Over the long run, embedding Ethereum into corporate treasuries enhances network credibility and may draw further institutional inflows, supporting sustained bullish momentum for ETH.