SharpLink Buys $48M in Ethereum, Lifts Stock Higher in Overnight Trade

Nasdaq Listed Sharplink Gaming (SBET) acquired another 16,374 ETH on Sunday, worth around $ 48.85 million, according to blockchain facts from Arkham Intelligence.

The Ethereum was transferred to Sharplink’s wallet of a wallet bound to the freely available trade desk of Galaxy Digital. Sharplink has not publicly confirmed the transaction. On Friday also the company bought 21,487 ETH for $ 63.7 million.

Sharplink’s shares are on the back of these purchases and will close on Friday to $ 21.65, an increase of 17.5% in the day and 71% in the past week, per Yahoo Finance.

Sunday Trading on Blue ATS let shares move higher again, an increase of 7.16% at $ 23.20. Ethereum has also risen by 3% in the last 24 hours and acts at $ 3,052.

Founded in Minneapolis as an affiliate marketing company for gambling and sports betting sites, Sharplink is one of a series of companies that have previously not been linked to Crypto herself as reserves.

At the end of May it turned to an aggressive Ethereum Treasury strategy after a private placement of $ 425 million under the leadership of Consensys. That deal brought Ethereum co-founder and Consensys CEO Joseph Lubin on board as chairman of Sharplink.

In the direction of Lubin, Sharplink now positions himself as both a Treasury investor in Ethereum and a steward of his ecosystem.

“This is not a trade-it is a dedication to our long-term vision. Sharplink acquires, commits and restores Ethereum as responsible stewards in the industry, removes the supply from the circulatory system and strengthening the health of the Ethereum eco-system,” Lubin said in a rack Friday.

“Moreover, we see this as the start of something bigger-a model for how mission-driven organizations can work to promote the shared goals of our ecosystem of decentralization, economic empowerment and protocol-native financing.”

The Ethereum reserves of the company are now only after the Ethereum Foundation itself, according to Strategic Ethereum Reserve, which, records That Sharplink has 216,000eth worth around $ 648 million.

Other top holders are PulSechain SAC, Coinbase, Golem Foundation and Bit Digital. However, ETH has not become a popular choice of crypto reserve compared to Bitcoin.

Although the prices of the Ethereum recently reclaimed $ 3,000 – their highest level in five months – it has been actively left behind Bitcoin This year.

In the meantime, large OTC sales have drawn research on Sharplink.

‘I think that’s a way to solve [Ethereum Foundation] dumping,” said Nansen CEO Alex Svanevik on X last Friday.