SharpLink Gaming (SBET), the publicly traded digital asset treasury company led by Ethereum co-founder Joseph Lubin, announced its first ether purchase since late August, acquiring over $75 million in tokens.
The company raised $76.5 million last week via a direct stock offering and used the proceeds to purchase 19,271 ETH at an average price of $3,892, according to the press release. The company now holds 859,853 ETH, worth approximately $3.5 billion, combined with its reserve of $36.4 million in cash and equivalents.
Sharplink stock traded around $14.70 following the news, down about 66% from July highs and nearly 90% below its May peak following the announcement of its crypto pivot.
The acquisition follows a difficult period for corporate crypto treasuries, seeking to accumulate digital assets by raising capital by selling shares and debt. Once high-profile, many of these companies are now seeing their stock prices fall far below the value of the crypto assets they hold, limiting their ability to fund their crypto acquisition strategy.
SharpLink repurchased its common stock last month after its shares fell below the net asset value of its ETH and cash reserves. The company’s last disclosed ETH purchase took place in the last week of August, acquiring just over 39,000 tokens. The company has also earned 5,671 ETH, or some $22 million at current prices, from staking its holdings since June.
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