SharpLink raised the amount of ETH to 360,807 after the sale of 97 million USD worth of shares.

SharpLink Gaming Company (SBET), backed by Joseph Lubin, reported a 29% increase in Ether holdings over the past week, as more and more businesses are approaching the capital market to fund digital asset acquisition deals - in an "Ethereum treasury race."

Specifically, SharpLink – a company listed on the Nasdaq – purchased 79,949 ETH at an average price of 3,238 USD from July 14 to 20, increasing its total holdings of ETH to 360,807 ETH, according to a statement on Tuesday. At the same time, this Minnesota-based company issued 3.8 million shares through the direct stock issuance program (at-the-market) to raise 96.6 million USD, ready to facilitate subsequent purchases.

SharpLink's exclusive index "ETH Concentration" – used to track shareholder exposure to Ether – has risen to 3.06, an increase of 53% since mid-June. The total staking rewards have also reached 567 Ether since the company announced its Ethereum treasury strategy on June 2nd. SBET shares rose 7% just before the opening of the US market, after falling 12% in the previous session, according to data from Yahoo Finance.

This information comes just a week after SharpLink scaled up its plan to issue common stock from 1 billion USD to 6 billion USD to fund its strategy of accumulating ETH. Currently, SharpLink is the listed organization holding the largest amount of ETH, but this leading position is being fiercely challenged. On Monday, The Ether Machine announced plans to list on Nasdaq with an amount of ETH up to 400,000 tokens, backed by a funding commitment of up to 1.6 billion USD. Meanwhile, BitMine Immersion has also surpassed the 1 billion USD ETH milestone and intends to continue purchasing more to expand its digital treasury.

Meanwhile, SharpLink's Chairman Joseph Lubin leveraged this update to welcome President Donald Trump's signing of the stablecoin law, asserting that clearer regulations in the U.S. would significantly boost institutional participation and validate the soundness of the treasury strategy using Ethereum.

"With the Genius Act now law, the legal ambiguity surrounding cryptocurrency innovation is finally being eliminated," Lubin emphasized. He added that a more open legal environment will pave the way for "transformational changes across the entire global digital economy."

Thạch Sanh