Latest news with #JosephLubin
Yahoo
8 hours ago
- Business
- Yahoo
SharpLink's Ether Bet Surpasses $1.3B After Latest Purchase
SharpLink Gaming (SBET), the ether (ETH) treasury company led by Ethereum co-founder Joseph Lubin, continued its buying spree bringing total holdings above $1.3 billion. The firm said in a Tuesday press release that it acquired 79,949 ETH over the last week at an average price of $3,238, its largest weekly purchase ever. With the latest acquisition, the firm held 360,807 ETH as of July 20, worth roughly $1.33 billion at current prices. The company still has $96.6 million of funds raised by selling shares through its at-the-market equity for more ETH purchases, the company said. SBET shares were 6% up in premarket trading even as ETH slipped 2.4% over the past 24 hours. SharpLink announced a pivot to a crypto treasury strategy centered on Ethereum in late May, taking a page of bitcoin-focused playbook of Michael Saylor's Strategy. Joseph Lubin, who is also the CEO of Ethereum development firm Consensys, joined the firm as chairman. The firm has quickly become one of the largest corporate owner ETH, the second-largest cryptocurrency by market cap, while operating validators and staking the tokens to earn a reward. Last week, it announced to raise the ATM facility to $6 billion to raise more funds by selling shares for ETH acquisitions. Lubin also praised the recent signing of the GENIUS Act by President Trump into law, calling the legislation a watershed moment that provides regulatory clarity for blockchain and digital assets in the U.S. "With the Genius Act now law, the regulatory uncertainty that has surrounded crypto innovation is finally easing," Lubin said in a statement. "We believe this ushers in a more supportive environment for companies like SharpLink to not onlyoperate and grow, but also to harness the full potential of Ethereum — including its security, scalability and smart contract utility — to drive profound, transformative change across the global digital economy."Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Ethereum's Biggest Wall Street Bull Ups Stock Sale to $6B to Power ETH Treasury
SharpLink Gaming (NASDAQ: SBET), the largest corporate holder of ether (ETH), is raising its equity sale target from $1 billion to $6 billion, expanding its strategy of buying ETH for treasury reserves. In an updated filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, the Minnesota-based affiliate marketing firm disclosed a prospectus supplement that increases the amount of common stock eligible for sale by $5 billion, on top of the $1 billion previously filed on May 30. 'We are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion,' the filing read, noting that SharpLink has already sold $721 million under the original prospectus. The firm says it may sell an additional $279 million from the previous authorization, alongside the new $5 billion issuance. The capital raise is part of SharpLink's aggressive push into ether. The company now holds over 321,000 ETH, worth approximately $1.1 billion at current prices. That number has grown significantly following a $425 million private placement led by Consensys in early June — a move that also saw Ethereum co-founder Joseph Lubin join the company as chairman of the board. The firm's ETH accumulation strategy marks one of the most aggressive treasury pivots in corporate crypto history, echoing early bitcoin strategies by MicroStrategy but with Ethereum as the core asset.
Yahoo
5 days ago
- Business
- Yahoo
Ethereum's Biggest Wall Street Bull Ups Stock Sale to $6B to Power ETH Treasury
SharpLink Gaming (NASDAQ: SBET), the largest corporate holder of ether (ETH), is raising its equity sale target from $1 billion to $6 billion, expanding its strategy of buying ETH for treasury reserves. In an updated filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, the Minnesota-based affiliate marketing firm disclosed a prospectus supplement that increases the amount of common stock eligible for sale by $5 billion, on top of the $1 billion previously filed on May 30. 'We are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion,' the filing read, noting that SharpLink has already sold $721 million under the original prospectus. The firm says it may sell an additional $279 million from the previous authorization, alongside the new $5 billion issuance. The capital raise is part of SharpLink's aggressive push into ether. The company now holds over 321,000 ETH, worth approximately $1.1 billion at current prices. That number has grown significantly following a $425 million private placement led by Consensys in early June — a move that also saw Ethereum co-founder Joseph Lubin join the company as chairman of the board. The firm's ETH accumulation strategy marks one of the most aggressive treasury pivots in corporate crypto history, echoing early bitcoin strategies by MicroStrategy but with Ethereum as the core asset. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Ethereum Foundation Sells 10,000 ETH to SharpLink in First-Such OTC Deal
The Ethereum Foundation has sold 10,000 ether (ETH) to SharpLink Gaming in an OTC deal worth $25.7 million, marking the first time a publicly listed company has directly acquired the token directly from the protocol's core steward. The transaction was executed at an average price of $2,572.37 per ETH and settled on-chain via the foundation's multisig on July 10. Proceeds from the sale will be used to support EF's core activities. SharpLink, which trades on Nasdaq under the ticker SBET, described the purchase not as a trade, but as a 'commitment to Ethereum's long-term mission.' The company is positioning ETH as its primary treasury reserve asset and said it plans to stake and restake the acquired ETH, effectively removing it from circulation. 'This isn't a trade — it's a commitment,' said Joseph Lubin, Chairman of SharpLink and a co-founder of Ethereum, said in a release. 'SharpLink is acquiring, staking and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem.' 'Moreover, we see this as the start of something bigger – a model for how mission-driven organizations can work to advance our ecosystem's shared goals of decentralization, economic empowerment and protocol-native finance,' Lubin added. The move comes at a time when ETH ETF inflows are building, ETH-denominated treasuries are re-emerging, and protocol-native finance is regaining attention. ETH was trading above $3,000 as of U.S. morning hours Friday, up more than 8% in the past 24 hours.
Yahoo
16-07-2025
- Business
- Yahoo
SharpLink Gaming Overtakes Ethereum Foundation as Largest Corporate Holder of ETH
SharpLink Gaming (SBET), the Nasdaq-listed firm with a crypto treasury strategy centered on ether ETH, on Tuesday said it has become the largest corporate holder of the asset with 280,706 ETH worth roughly $840 million at current prices. The firm raised $413 million via the issuance of over 24 million shares between July 7 and July 11, according to a press release. It purchased a total of 74,656 ETH over the past week at an average price of $2,852 each. Roughly $257 million of that fundraising remained for future ETH acquisitions, the firm said. SBET shares were trading 5% higher in U.S. action on Tuesday even as ETH slipped modestly to $2,990. The stock has risen roughly six-fold since the ETH treasury pivot several weeks ago. With the latest purchase, the firm said it has now surpassed the Ethereum Foundation, the development organization behind the blockchain, to become the largest corporate owner of ETH. Notably, the foundation recently sold 10,000 ETH to SharpLink Gaming in an OTC deal. The Ethereum Foundation holds $665 million in ETH, according to blockchain data by Arkham Intelligence. Sharplink Gaming is one of the public companies that have recently pivoted to a crypto treasury strategy, following the bitcoin-focused BTC playbook of Michael Saylor's Strategy. Ethereum co-founder and Consensys CEO Joseph Lubin joined the firm as chairman. The firm uses capital markets to raise funds to acquire ETH, the second-largest cryptocurrency by market cap, while operating validators and staking the tokens to earn a reward. The company said it has earned 415 ETH, roughly $1.2 million at current prices, through staking since its treasury pivot in June. Other U.S.-listed firms such as Tom Lee's Bitmine Immersion Technology (BMNR) and bitcoin miner BIT Digital (BTBT) also turned into an ETH treasury (July 15, 15:35 UTC): Adds Ethereum Foundation holdings. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
