NASDAQ-registered sportsbook marketing company Sharplink Gaming purchased around $49 million worth of ether (ETH) on Sunday as ETH prices skyrocketed above $3,000.
The board chaired by Ethereum co-founder Joseph Rubin, the company has been serving as an all-in for ETH since late May. This latest transaction brings Sharplink Gaming’s total financial total to 198,300 ETH, worth almost $608 million at the time of writing.
According to Onchain Analytics Service Arkham Intelligence and Blockchain Explorer Etherscan, the wallet belonging to Sharplink Gaming received 16,370 ETH worth $48.7 million on Sunday from a wallet that is likely to be controlled by Ethereum Development Organization Consensys.
The deal follows the acquisition of 10,000 ETH from the Ethereum Foundation on Friday.
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The rise of ETH as a Sharplink game and the reserve asset
Sharplink Gaming is the world’s leading corporate ether Ministry of Finance. At the time of writing, the company owns 181,860 liquid-dyed ETH (LSETH) and 16,419 ETH.
This brings a total of 198,300 ether, slightly above the 197,400 ETH held by the Ethereum Foundation, according to Arkham Intelligence Data.
Overall, the Corporate Ether Reserve currently reaches nearly 1.34 million, worth around $4.1 billion at the time of writing.
Related: ETH News Update: Ether Treasury purchases could trigger a rally to $3K
Joe Lubin, co-founder of Ethereum
Sharplink Gaming announced its pivot to become Ether Corporate Treasury in late May, and appointed Ethereum co-founder Joseph Lubin as chairman of the board. At the time, the company signed a securities purchase agreement for private investment in public stock worth $425 million with participation from Ethereum Infrastructure Firm Consensys.
On Wednesday, Ethereum Rubin said the Ethereum Treasury is important for the development of the Ethereum ecosystem. He explained that there is a large amount of ETH in circulation and that it needs to be captured.
Lubin claimed that this was the reason why he got involved in the Sharplink game. “As we build more and more applications, it will be important to enable the dynamics of ether supply and demand to the right size,” he said.
The announcement follows Ether, which regains $3,000 last week. According to Nansen data, ETH is trading at $3,050 at the time of reporting, after a price rose 3.5% in the last 24 hours.
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