Minneapolis iGaming Giant SharpLink Goes All-In on Ethereum, Snaps Up $113M in ETH

SharpLink's Ambitious ETH Buying Spree

Holy cow, folks! SharpLink Gaming, the Minneapolis-based iGaming powerhouse, is betting the house on Ethereum! They've been on a wild buying spree, gobbling up a massive $113 million worth of ETH in just the last 24 hours. That's right, they went all in on the second largest crypto asset, and they're not messing around!

According to the latest scoop from EmberCN, SharpLink made two jaw-dropping purchases yesterday. First, they dropped a cool $64.26 million on 21,487 ETH through Galaxy Digital and Coinbase Prime. But wait, there's more! They turned around and bought another 16,374 ETH for $48.85 million on the same day. Talk about a double whammy!

Ethereum Foundation Deal and SharpLink's Growing Stash

And get this, just days before their latest splurge, SharpLink made a separate deal with the Ethereum Foundation itself, snagging 10,000 ETH worth $25.7 million at an average price of $2,572. That's some serious faith in Ethereum's future!

SharpLink proudly tweeted about their Ethereum Foundation purchase, saying, "Ethereum is entering a new era of institutional relevance, and we're proud to support its long-term strength and..." Well, you get the idea. They're all about that Ethereum life!

With these latest acquisitions, SharpLink's total ETH holdings have skyrocketed to a mind-blowing 270,000, making them the world's second-largest holder of the asset. They're not just betting on Ethereum; they're betting on it becoming the foundation for global finance. That's some next-level thinking right there!

Staking, Restaking, and Transparency

But SharpLink isn't just sitting on their ETH like a dragon hoarding treasure. Nope, they're putting it to work! All of their ETH is staked, and they're generating even more yield through restaking. Plus, they're all about transparency, giving shareholders a direct look at their on-chain exposure. That's how you build trust in the crypto world!

"We believe ETH is the superior asset for corporate reserves," the iGaming giant boldly declared. "Our goal is not just to hold ETH, but to activate it, using native staking, restaking, and Ethereum-based yield strategies to increase the value of our treasury and create long-term shareholder value." They're not just playing the game; they're changing the rules!

Ethereum's Market Surge and Institutional Interest

SharpLink's latest purchases couldn't have come at a better time. Ethereum itself is riding a wave of institutional interest and a broader market uptick to new heights. At the time of writing, ETH is trading at a cool $3,030, up a whopping 17% in just the past seven days. It's finally breaking out of that downward trend that's been holding it back for months. From its lowest point this year, ETH is up over 120%, with a market cap of $366 billion. That's some serious growth!

And SharpLink isn't the only one jumping on the Ethereum bandwagon. Nasdaq-listed Bit Digital recently ditched its entire Bitcoin stash in favor of a fully ETH-based treasury strategy. They now hold around 100,600 ETH and are aiming to become the "preeminent ETH holding company in the world." The competition is heating up, and Ethereum is at the center of it all!

Globally, more than 1.2 million ETH are now chilling in corporate treasuries, worth over $3.6 billion at current prices. The institutional love for Ethereum is real, and it's not slowing down anytime soon. Buckle up, crypto fans, because this ride is just getting started!