Sharplink Gaming has become the largest publicly traded Ethereum holder after purchasing 176,271 ETH for approximately $463 million at an average price of $2,626 per ETH. This acquisition makes the company the second-largest Ethereum holder overall, behind only the Ethereum Foundation. The company raised $425 million through a private placement and an additional $79 million via an at-the-market facility to fund these purchases. Sharplink Gaming has deployed over 95% of its ETH holdings for staking and liquid staking, contributing to Ethereum's network security and generating yield. Despite this, Sharplink Gaming's stock (SBET) has declined over 66% in pre-market trading but remains significantly up year-to-date and since announcing the Ethereum Treasury. Ethereum's price remained relatively stable around $2,500 despite the news.

HIGHLIGHTS Sharplink Gaming acquired 176,271 ETH at an average price of $2,626 per ETH.  The company is now the largest publicly traded holder of ETH.  Meanwhile, it is the second largest holder behind the Ethereum Foundation.  Sharplink Gaming has officially created its Ethereum Treasury Reserve with its first ETH purchase. The company has also become the largest publicly traded ETH holder, leading the way in corporate adoption of the largest altcoin by market cap.

Sharplink Gaming Acquires 176,271 ETH For Ethereum Treasury
In a press release, the company announced that it has acquired 176,270.69 ETH for an aggregate purchase price of $462,947,816 and an average price of $2,626 per ETH. With this acquisition, the firm becomes the largest publicly traded holder of ETH globally.
Sharplink Gaming is also the second-largest holder behind the Ethereum Foundation. As Coingape reported, the company had raised $425 million through a private placement offering to establish this Ethereum Treasury.
In addition to this private placement offering, the company also disclosed that it raised an additional $79 million in approximate gross proceeds through its at-the-market (ATM) facility. The firm used the majority of the ATM proceeds to fund further ETH purchases, which sums up the $462 million it used for this acquisition.
Sharplink Gaming also revealed that these collective purchases have generated ETH per share growth of 11.9% since June 2 earlier this month. The company has also deployed over 95% of its ETH holdings for staking and liquid staking solutions, thereby contributing to Ethereum's network security while generating native yield.

SBET Stock Still In The Red
TradingView data shows that the SBET stock is still down amid this announcement. The stock is currently trading at around $10, down over 66% in pre-market trading. It is worth mentioning that the Sharplink Gaming stock had dropped as much as 73% in after-hours trading on June 12.

Despite this drop, SBET is still up massively since the company announced plans to create an Ethereum Treasury. MarketWatch data shows that the stock is up almost 1,000% in the last month. SBET is also up over 300% year-to-date (YTD).
Meanwhile, the Ethereum price remained unchanged despite the announcement of Sharplink Gaming's ETH purchase. CoinMarketCap data shows that the altcoin is currently trading at around $2,500, down almost 7% in the last 24 hours.

Sharplink Gaming Becomes Largest Publicly Traded Ethereum Holder, Acquires 176,271 ETH