SharpLink Gaming (NASDAQ: SBET) stock surged 13.91% in pre-market trading on Wednesday, continuing its remarkable upward trajectory that has seen gains of over 150% in the past month. This latest jump comes on the heels of the company's announcement that it has become the world's largest corporate holder of Ethereum (ETH), a major cryptocurrency.
According to a recent disclosure, SharpLink Gaming now holds an impressive 285,894 ETH, valued at approximately $8.7 billion. The company aggressively expanded its Ethereum holdings between July 7 and July 13, acquiring 74,656 ETH tokens at a weighted average price of $2,852 per token. This strategic move has positioned SharpLink Gaming ahead of other corporate accumulators in the digital asset space, even surpassing the Ethereum Foundation's holdings.
The timing of SharpLink's Ethereum acquisition aligns with a broader cryptocurrency market rally, with Ethereum recently breaking the $3,000 barrier. Investors appear to be reacting positively to the company's bold step into blockchain technology, seeing potential for growth and innovation in the rapidly evolving digital asset landscape. As SharpLink Gaming continues to leverage its substantial cryptocurrency investment, market analysts will be closely watching how this move shapes the company's future operations and market position in the gaming sector.
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