- SharpLink Gaming now holds more ETH than the Ethereum Foundation
- The company holds 280,706 ETH valued at roughly $840 million
- The Ethereum Foundation’s stash has $665 million worth of ETH
SharpLink Gaming, a Nasdaq-listed gaming company with an ETH-based treasury strategy, has announced that it now holds more ETH than the Ethereum Foundation. The company disclosed that it currently holds 280,706 ETH, valued at around $840 million, compared to the Ethereum Foundation’s ETH stash, worth roughly $655 million. SharpLink recently acquired 10,000 ETH from the foundation in an OTC trade, an indication that it’s committed to becoming the top company with the largest ETH bag.
The World’s Largest Corporate ETH Holder
In an announcement on July 15, the company said “it has officially become the world’s largest corporate holder of ETH,” adding that it acquired 74,656 ETH between July 7 and 13, bringing the total holding to 280,706 ETH. It also disclosed that it raised roughly $413 million to purchase more ETH. Of the $413 million, “approximately $257 million has yet to be committed to ETH purchases as of July 13.”
SharpLink also revealed that 99.7% of its ETH stash has been committed to staking protocols, a move aimed at using its treasury to generate returns. The company noted that it has earned approximately 94 ETH from its staking business between July 7 and 11, with the total earned since early June being 415 ETH.
The gaming company plans to continue accumulating more ETH and monitoring its ETH exposure relative to its capital structure using a proprietary metric known as “ETH Concentration.” The metric calculates ETH Concentration by dividing the total ETH held by 1,000 Assumed Diluted Shares Outstanding.
Crypto Treasuries Gain Momentum
SharpLink’s move to hold more ETH than the Ethereum Foundation comes as other conventional firms explore crypto-based treasuries. At the top of this list is Michael Saylor’s Strategy that holds BTC worth $73 billion. Others like DeFi Development Corp. hold SOL valued at more than $100 million, with plans to acquire more in the future.
With SharpLink surpassing the Ethereum Foundation in ETH holding and earning from staking its stash, it’s to be seen whether this will motivate other firms to adopt a crypto treasury.
