On Tuesday, the largest publicly traded holder of Ethereum announced that it had strategically increased its total holdings to 188,478 ETH.

The firm acquired an additional 12,207 ETH for $30.6 million at an average price of $2,513 per ETH, between June 16 and 20, it added.

SharpLink’s Ethereum treasury is currently worth around $460 million at current market prices.

SharpLink Gaming has acquired another 12,206 ETH at an average price of $2,513.

Total holdings are now 188,477 ETH.

Accelerate.

Almost $300K in Staking Rewards in 3 Weeks

The Minneapolis-based firm funded the purchase by raising $27.7 million in net proceeds through its at-the-market offering, selling over 2.5 million shares.

SharpLink said that all of its Ethereum holdings have been staked, generating 120 ETH rewards, or around $293,000, since it launched its ETH-focused treasury strategy on June 2. It added that since then, the firm has achieved ETH per share growth of 19%.

SharpLink board chairman and CEO of ConsenSys, Joseph Lubin, said increasing Ethereum holdings underscores the firm’s “forward-thinking approach to creating long-term value.”

“This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders alike.”

The move follows a $450 million funding round earlier this month from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital.

Institutional investors and funds remain keen on Ethereum even if retail is staying away. BlackRock’s ETHA fund bought $98 million worth of the asset on Tuesday.

The nine spot Ether ETFs in the United States have seen more than $1 billion in inflows so far this month, with just two minor outflow days. This represents a quarter of the entire aggregate inflow for spot ETH funds since they launched in mid-2024 … in less than a month!

ETH Prices Stagnant

Ethereum has struggled over the past week, falling below $2,200 on Monday and only managing to recover marginally.

The asset has failed to reclaim resistance at $2,500 and was wallowing around $2,440 at the time of writing, following a minor gain on the day.

Aside from the dip earlier this week, Ethereum has been tightly range-bound for the past nine weeks and needs to see momentum above $2,800 for any serious moves higher to materialize.

Analysts and holders remain quietly confident, though some have even called it a stablecoin for lack of movement over the past couple of months.