SharpLink Gaming buys $295 million in ETH, pushing total holdings over 438,000 ETH: onchain analysts

Joseph Lubin-backed SharpLink Gaming has purchased an additional $295 million worth of Ethereum, as it continues its Ethereum accumulation strategy.

Onchain analytics provider Lookonchain reported, citing Arkham data, that SharpLink acquired 77,210 ETH worth approximately $295 million on Sunday evening.

The Nasdaq-listed firm, trading under the ticker SBET, currently holds about 438,017 ETH, worth $1.7 billion at current market prices, according to Lookonchain.

SharpLink is one of the largest Ethereum treasury companies. Last week, the company announced that Joseph Chalom, a former BlackRock executive, has joined SharpLink as co-CEO.

Joseph Lubin, Ethereum co-founder and chairman of SharpLink, said last week that Chalom's decision to join SharpLink is a "resounding validation" of the company's ETH treasury strategy.

Sharplink's stock closed down 5.7% on Friday at $21.99, Yahoo Finance data showed. The stock, however, has risen 113.9% in the past month and 186.3% year-to-date.

Ethereum rose 2.9% in the past 24 hours to trade at $3,900 as of 1:00 a.m. Monday ET, according to The Block's price page.