SharpLink Gaming now has close to $2 billion worth of Ethereum in its coffers.
According to the latest update, the company currently holds a total of 521,939 tokens.
Over the period from July 28 to August 3, SharpLink purchased 83,561 ETH for $264.5 million worth of ETH.
The company is now determined to cross 1 million tokens, which will be its first major milestone. "We're halfway there. Accelerate," a recent social media post said.
SharpLink's massive buying spree has been cited as the key reason behind Ethereum's recent strength.
Corporate ETH race
As reported by U.Today, Consensys CEO Joe Lubin, who has taken a page out of Michael Saylor's extremely successful playbook, has made it clear that the company intends to continue buying more ETH after recently surpassing the Ethereum Foundation (EF) on the list of the largest corporate holders of the flagship alternative cryptocurrency.
Meanwhile, BitMine Immersion Technology, which is backed by Fundstrat's famed permabull Tom Lee, recently emerged as the biggest corporate ETH holder with a whopping $2.9 billion worth of tokens, meaning that Lubin's SharpLink has a lot of catching up to do to regain its first place. BitMine's top investors include Cathie Wood's ARK Invest and some other prominent players.
SBET finding support
The shares of SharpLink Gaming (SBET) are currently changing hands at roughly $19 after a few extremely volatile weeks.
According to chartist Donald Dean, SBET looks to be finding support around $17 and is now outside of the descending wedge. Dean believes that the stock could potentially challenge its July peak.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team