Gaming Company Outfoxes Ethereum Foundation in a Digital Gold Rush! đŸ€‘đŸ”„

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Picture this, if you will: a Nasdaq-listed gaming company, SharpLink Gaming, has taken a rather extravagant leap into the crypto cosmos, now clutching more Ethereum (ETH) than the esteemed Ethereum Foundation! One can only imagine them in top hats and monocles, quaffing champagne while counting their virtual riches. đŸŸđŸ’°

In a week that could only be described as a veritable shopping spree fit for a tech-savvy Scrooge McDuck, SharpLink managed to scoop up over 280,000 ETH, a treasure chest worth a staggering $900 million! Talk about throwing your digital weight around!

A Daring Gamble on Ethereum

During a frenzied week of purchases from July 7 to July 13, SharpLink acquired a jaw-dropping 74,656 ETH. The price tag for this little escapade? About $213 million, which they managed to snag at a weighted average price of, hold onto your bowler hats, $2,852 each! Suddenly, they’ve vaulted ahead of the Ethereum Foundation, which only has a measly 196,354 ETH resting in its vault – worth a paltry $617.77 million, as per Arkham’s meticulous records.

What’s more, the Minneapolis wizards have continued their Ethereum accumulation, with Lookonchain reporting another clandestine purchase of 6,377 ETH just today, bringing their total haul in this week alone to a whopping 91,330 ETH for around $275 million. Who needs grocery shopping when there’s digital treasure to be had?

But wait, there’s more! Almost all of this cryptocurrency is now staked, yielding a delightful harvest of over 415 ETH ($1.3 million, if you’re keeping score) since launching this scheme in June. They’ve even concocted an “ETH Concentration” metric, which has, due to some mathematical wizardry, seen an increase from 2.00 to 2.46 ETH per share since mid-June. It’s like a booming garden of ETH, replete with profits! đŸŒ±

From July 7 to July 11, SharpLink raised a veritable mountain of $413 million through its at-the-market (ATM) equity program. So far, they’ve treated themselves to a mere $156 million from this windfall, with another $257 million earmarked for even more digital snaffling. They must be feeling quite magnanimous!

Market Shenanigans

Originally a champion of iGaming and sports betting, SharpLink’s crypto acquisitions have coincided nicely with a remarkable uptick in its share value. According to the trusty Google Finance, SBET has soared upwards by 21.31% during regular trading hours to close at a sumptuous $28.97. But the festivities didn’t end there; it waltzed up another 11.32% in after-hours trading to a cheeky $32.25. Talk about a fairy tale ending!

Meanwhile, Ethereum dances on the trading floor at $3,140—a respectable 5.8% gain in just 24 hours. And if you squint, you’ll see it has climbed a dazzling 20.7% over the past week, far outpacing Bitcoin (BTC), which, despite newly minted fireworks of all-time highs, has only managed a soggy 8.3% climb lately. But fret not for them both! They’ve outdone the broader crypto market, which only managed a meek 7.5% gain in the same time frame.

Ethereum’s prowess is not merely a flash in the pan, either! It has catapulted a full 28.8% in two weeks and 22.0% over the last month. Remarkably, it has even shaken off a year-to-date deficit, standing a courageous 9.3% shy of its level from a year ago. Quite the transformation, wouldn’t you agree?

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2025-07-16 21:58